Bitcoin Whales and Sharks Accumulate 133k BTC Amid a Recent Fall, Bitcoin Price Could Fall to the $54,000 Level

Bitcoin Whales and sharks are the ones continuously taking advantage of the price drop. Over the last 30 days, Bitcoin (BTC) the world's biggest cryptocurrency

As the cryptocurrency market continues to experience a downturn, small traders are observed to be panik-selling their BTC holdings. However, large traders, known as whales and sharks, are seen to be accumulating significant amounts of BTC.

According to the on-chain analytic firm Santiment, wallets that hold 10 to 10k BTC have collectively added over 133.3k BTC to their portfolios over the past 30 days. This accumulation suggests that whales and sharks are unfazed by the recent price decline and anticipate a future recovery in the BTC market.

? Bitcoin currently sits at $58.9K, which is apparently just fine for whale and shark holders. Over the past month, wallets with 10-10K BTC have collectively accumulated 133.3K more coins while smaller traders continue to impatiently drop their holdings to them. pic.twitter.com/CmOU1tdVwN

This accumulation by whales and sharks is seen as a bullish indicator, especially considering the fact that small traders are panik-selling their BTC holdings. As large traders typically have access to more information and a better understanding of the market, their actions are closely followed by many traders.

In other news, an expert technical analyst observed that Bitcoin has turned bearish as it trades below the 200 Exponential Moving Average (EMA) on a daily time frame. At the same time, it is trading at a crucial support level of $58,000.

Over the past 20 days, BTC has revisited this support level several times, each time followed by a price surge of over 8%. Given this historical price momentum, there is a good chance that BTC might once again experience an 8% rally in the coming days.

However, if BTC fails to hold the $58,000 level and closes a daily candle below $57,500, we can expect a massive sell-off to the $54,000 level.

At press time, BTC is trading near the $58,600 level, having experienced a price drop of over 5% in the last 24 hours. Despite the price decline, its trading volume has increased by 50% during the same period, indicating higher participation from traders amid the price drops.

On the other hand, BTC’s open interest has dropped by 10% in the last 24 hours, according to data from the on-chain analytic firm CoinGlass. This decline in open interest suggests lower interest and increased fears in the market.

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