Whale buying ramped up as Bitcoin struggled below $80K
While panic selling has seen Bitcoin’s price slip below $80,000, whales looking to leverage the potential opportunity have aggressively accumulated over 65,000 BTC.
On Mar. 11, as Bitcoin ( BTC ) struggled near the $80,000 mark, on-chain data and analytics platform CryptoQuant shared details showing that large holders, dubbed whales, have been busy buying on the cheap over the past month.
CryptoQuant’s on-chain data indicates that despite the selling pressure leaving small holders in wreck mode, Bitcoin whales have used the 16% pullback over the past 30 days to accumulate more than 65,000 BTC.
“Although this does not mean immediate effects on the short-term price, it already demonstrates absorption by large participants, excluding miners and exchanges,” Cauê Oliveira, head of research and on-chain analyst at BlockTrends, noted.
A continuation of this accumulation pattern over the coming weeks will signal upside demand from large holders. Whale buying has often signaled a bullish outlook, and in the recent past, it mirrors the accumulation seen ahead of the bull cycle run last November and December.
However, downside action may not be over yet. Bitcoin miners have increasingly come under selling pressure as BTC dips.
After hitting an all-time high of $109K, Bitcoin has struggled with downside pressure. Key bounces have stalled at supply reload zones, including the psychological $100K level. This weakness has turned miners into “ forced sellers ,” adding to the downward trajectory.
With markets reacting negatively to tariffs and other developments, analysts say Bitcoin could dip further. Notably, Bitcoin has retested support levels below $78K, with a bloodbath likely if it flips lower to touch $75K.
Arthur Hayes, the co-founder and former chief executive officer of BitMEX, suggested that the flagship cryptocurrency could revisit the $70K area. This would represent a 36% correction from Bitcoin’s all-time high, he noted.
Nonetheless, Hayes remains bullish long term, viewing the dump as a chance to accumulate more. But investors may need to remain patient.
“Traders will try to buy the dip, if you are more risk averse wait for the central banks to ease then deploy more capital. You might not catch the bottom but you also won’t have to mentally suffer through a long period of sideways and potential unrealised losses,” Hayes posted on X.
At 11:40 a.m. Eastern Time on March 11, Bitcoin traded around $81,220, slightly recovered from its intraday low of $76,780.
Crypto Market Signals Powerful Growth Amid Money Supply Trends
Crypto analyst Javon Marks shows the cryptocurrency market appearing to be in the early stages of a strong bullish cycle. Historical data suggests expansion after accumulation phases. The total crypto market capitalization, as compared to U.S. money supply , has a repeating pattern of breakouts and rallies. Surprisingly, the current cycle is very much similar to previous bull runs, such as the 2016-2017 and 2020-2021 cycles. The market just tested a major support level, paving the way for another rally to the upside.
The crypto market has followed a structured growth pattern over multiple cycles. From 2015 to 2017, the market consolidated within a symmetrical triangle before breaking out. That breakout led to a parabolic run, taking crypto market capitalization to unprecedented levels. Similarly, between 2020 and 2021, a consolidation phase preceded another surge, reinforcing this repeating trend.
Between 2022 and 2024, another consolidation period emerged, forming a symmetrical triangle. The recent breakout above this pattern indicated bullish momentum. However, a brief retracement occurred, bringing prices back to a crucial support zone. This area aligns with the upper boundary of the previous triangle. Historically, such support retests have fueled strong rebounds and renewed bullish momentum.
Long-term ascending trendlines indicate sustained market expansion. The crypto market has consistently formed higher lows across multiple cycles, confirming structural growth. Despite recent corrections, the broader bullish trend remains intact . Price action has stayed above key trendlines, reinforcing a strong technical foundation for future gains.
Additionally, macroeconomic liquidity plays a pivotal role in shaping crypto movements. Changes in money supply have historically influenced market cycles. With increasing global liquidity, the crypto market may experience continued capital inflows. This could lead to another expansion, similar to past breakouts.
Market analysts suggest that the current positioning aligns with historical trends. When previous accumulation phases ended, powerful uptrends followed. The current technical setup suggests a similar outcome, pointing toward sustained long-term growth. Consequently, if past patterns hold, the crypto market could soon resume its upward trajectory.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Ethereum (ETH/USDT) – Bulls Are Back, But Is It Enough?
Current Price: $1,912.11 (-4.57%)
24h High: $2,008.72
24h Low: $1,754.28
Market Snapshot
ETH plunged to $1,754.28 before staging a comeback to $1,962.98, indicating buyers are stepping in.
The price has since cooled off to the $1,910-$1,920 range, suggesting some hesitation among traders.
Key Levels to Watch
Immediate Resistance: $1,940 - $1,962 → A breakout above this could open the door to $2,000.
Support Zone: $1,880 - $1,840 → Losing this area might lead ETH back toward $1,800 or even $1,750.
What’s Next?
Bullish Scenario: If ETH can push above $1,962 with strong volume, a run at $2,000 seems likely.
Bearish Scenario: Failure to hold $1,880 could trigger a deeper pullback to $1,840 or $1,800.
Bottom Line: Ethereum is trying to recover from its recent drop, but it still faces strong resistance overhead. Keep an eye on those key levels and watch the volume to gauge the next big move!
$ETH
TWT: Navigating Trust Wallet's Market Moves💥🔥🚀
$TWT
$TWT
In this analysis, I'll be reviewing the TWT coin, a part of the Trust Wallet project, which is currently ranked 126th on MarketCap with a market cap of $358 million.
📅 Daily Timeframe
As you can see in the daily timeframe, we're observing a very large range box from 0.7832 to 1.5725, where the price is currently near the bottom of this box.
✅ The floor of this box is a significant support range from 0.7832 to 0.8321 and is acting as a demand zone for the price.
🔽 Currently, the price has reached the 0.8321 area, tested it once with a shadow, and received support from it. If this area breaks, we'll enter the support zone, and we'll need to see how the price reacts to this zone.
📊 The market volume is very low, and for now, it seems there isn't enough strength and momentum in the market to break this area, but if a selling volume enters the market and the RSI goes into oversell, the likelihood of breaking this area increases. In this case, the next support will be at 0.6215.
🛒 For buying this coin, I recommend waiting until it exits the range box it has created, as this would indicate upward momentum entering the market. Currently, there is no momentum in the market. Thus, the best trigger from my perspective is the breakout at 1.5725.
📈 However, for a long position or a risky spot purchase, you could enter upon the breakout of 1.0556. I mainly consider this trigger for futures, and for spot purchases, I would wait until the main resistance is broken.
⏳ 4-Hour Timeframe
In the 4-hour timeframe, as you see, we had a box between 0.9395 to 1.0556, which has been cleanly broken from below, and you could open a short position with price consolidation below this area.
💥 Currently, the price has reached the next support at 0.8321 and has shown some reaction. The RSI is currently in oversell, and if it receives support from this area, it could return to the normal range.
📉 For short positions, the triggers at 0.8321 and 0.7832 are suitable. The 0.8321 trigger is riskier, and I suggest waiting until the 0.7832 support is lost before opening a more secure position.
🔼 For long positions, there's a very suitable ceiling at 1.0556, and breaking this area could lead to opening a long position.
Analysis of (ELX/USDT, 1H Timeframe)
1. Breakout and Volatility Spike
The chart shows a sudden price surge from around $0.50 to above $0.70, followed by a sharp retracement. This suggests a breakout with increased volatility. The rapid movement could be due to news, whale activity, or a liquidity event.
2. Support and Resistance Formation
The price seems to have been consolidating between $0.40 and $0.50 before the breakout. After reaching the peak, the price retraced close to the $0.50 level, indicating that this area might act as a strong support if tested again.
3. Potential Bullish Momentum
Despite the sharp pullback, the price remains above previous resistance levels. If buyers step in at the new support zone, another upward push could occur. However, if selling pressure continues, a deeper retracement to $0.45-$0.50 may follow.
4. Wick Rejections Indicate Selling Pressure
The upper wicks on the recent candlesticks show that sellers are active around the $0.70 level. If price fails to reclaim this level, it may lead to a lower high and further decline.
$ELX