Bitcoin Whales and Sharks Are Back in Action

Bitcoin whales and sharks are back in action. According to new on-chain data, wallets holding more than 10 BTC have jumped by 132 in just one day

Bitcoin (BTC) whales and sharks are displaying renewed interest in the market, with on-chain data from shows a substantial increase in the number of wallets holding 10 or more BTC.

According to on-chain analytics firm, the metric known as Supply Distribution indicates that within a 24-hour period, there was an addition of 132 new wallets holding 10 BTC or more.

This marks the strongest uptick since February 20, suggesting a heightened interest among institutional or long-term investors in Bitcoin. At press time, these wallet sizes are now valued at over $821,000 each.

Often seen as powerful market movers, the growing presence of these large investors is a classic sign of rising confidence, especially after a recent patch of fear, uncertainty, and doubt (FUD).

This FUD was largely triggered by ongoing trade tensions and market sell-offs tied to Trump administration announcements on new tariffs. However, on Thursday, there was a piece of news that appeared to calm market nerves.

As widely reported, Donald Trump said he will pause U.S. tariffs for 90 days in a bid to restart trade talks with China. The move came after a meeting with Chinese President Xi Jinping at the G20 summit in Osaka, Japan.

The U.S. president’s decision to grant a temporary reprieve on tariffs sparked hope for a resolution to the trade war, which has roiled markets in recent months.

After the news broke, major cryptocurrencies also saw some recovery. Bitcoin rose above the $81,000 mark, while Ethereum climbed back above $7,000.

Tariffs had a significant impact on market sentiment. Earlier this week, the threat of new tariffs on goods from Mexico sparked a sell-off in the stock market, pushing the S&P 500 down by 1%.

However, the news of a pause in tariffs and the possibility of trade talks brought some relief to investors.

As the world’s largest cryptocurrency attempts to recover from recent losses, the latest on-chain data suggests that large investors could be preparing for a bigger move in the days ahead.

Bitcoin Price Analysis

The trading day of April 11th commenced with bearish momentum, driven by an oversold situation. Sellers dominated the early session, leading to a decline in price.

However, a golden cross on the MACD around 3:30:00 (UTC) shifted control to the buyers, igniting an upward move. By 9:25:00 UTC, overbought conditions emerged on the RSI, indicating aggressive buying pressure as the price retested previous support-turned-resistance at $81,302.63.

Bulls pushed the price higher until 17:40:00 UTC, where another overbought reading suggested exhaustion among buyers. This marked the local top near $84,304.33, where profit-taking began.

As illustrated in Chart 1, at 18:30:00 UTC, a death cross appeared on the MACD, signaling renewed bearish momentum. Sellers regained control, and the price started to decline.

The chart shows that the downward pressure intensified into April 12th, with an oversold RSI at 2:55:00 UTC confirming increased selling volume. However, at 4:15:00 UTC, another golden cross emerged, hinting at a bullish reversal.

According to Bitcoin price prediction, if this bullish momentum continues and breaks the resistance of $84,304.30, the next target could be around $86,000. Alternatively, if the trend reverses, it could break the current support of $81,302.63 and target the $78,000 zone.