Bitcoin Whales Accumulate Despite BTC Price Retrace Below $95K

Bitcoin's price has retraced slightly below $95,000, yet whales remain active. According to Santiment, wallets holding over 10 BTC accumulated 63

Bitcoin opened the new week with a slight retrace from its recent all-time high, currently trading below the $95,000 level. However, on-chain data reveals a different story, as large-scale Bitcoin holders, also known as whales and sharks, continue to accumulate the flagship digital asset.

According to crypto analytics firm Santiment, wallets holding at least 10 BTC (around $948,513) added a total of 63,922 coins to their stash throughout November. At press time, Bitcoin's price stood at $94,851.35, reflecting a 24-hour decline of 3.51%. Nevertheless, the coin boasted a 7-day gain of 3.16%.

"Is it time to panic after Bitcoin has opened the week with a mild retrace below $95K? Whales and sharks certainly don't think so. In November alone, wallets with at least 10 BTC have now accumulated 63,922 more coins (worth $6.06B)."

This large-scale accumulation, valued at approximately $6.06 billion, is bound to attract attention. As these large-scale holders continue to expand their Bitcoin positions, the market can expect further insights into the long-term trends shaping the cryptocurrency space.

Bitcoin whales, defined as wallets holding over 10 BTC, have shown a strong accumulation trend. These wallets acquired 63,922 additional coins in November, valued at $6.06 billion. This accumulation, combined with institutional buying, provides a unique perspective on the market.

Bitcoin Technical Analysis and Historical Patterns

Prominent market analyst Ash Crypto recently highlighted a crucial technical development in Bitcoin's price action. According to his analysis, this is the first time since Q1 2024 that Bitcoin's monthly Relative Strength Index (RSI) has crossed above 70.

This technical indicator has preceded major price movements in previous bull cycles, including 2012, 2013, 24, and 2020. Past instances of this RSI reading were followed by extended upward price trends in Bitcoin's market cycles.

"BTC Monthly RSI crossed 70 for the first time since Q1'2024. Past instances of this technical formation preceded extended market momentum in Bitcoin's past bull cycles (2012, 2013, 2016, 2020)."

After a period of consolidation around the $95,000 level, Bitcoin experienced a slight downturn on Monday. This price retrace comes amidst a wave of institutional investment in crypto, with BlackRock's latest Bitcoin purchase amounting to $267.79 million, according to Crypto Rover.

This institutional interest is evident in the robust trading activity, with Bitcoin's daily trading volume reaching $115.09 billion, as reported by CoinGecko.

"BREAKING: BlackRock bought $267.79 MILLION worth of #Bitcoin yesterday."