Bitcoin whales are taking advantage of the recent price dip, accumulating thousands of coins as the apex cryptocurrency eyes renewed bullish momentum.
As a result, this buying spree has put a potential recovery back on the radar, although Bitcoin must overcome a key resistance level before a sustained rally can take shape.
According to renowned market analyst Ali Martinez, Bitcoin whales accumulated 16,010 BTC over five days as the price fell from $87,000 toward $80,000. In the process, their combined holdings rose from 5,247,316 BTC to 5,263,326 BTC, a 0.305% increase during the decline.
What can be deduced from this accumulation? Well, large holders may be using the pullback to increase their exposure rather than rushing to sell.
Bitcoin Faces Key Resistance at $84,569
Martinez identified $84,569 as the level Bitcoin needs to reclaim to strengthen the bullish outlook.
On-chain data indicates that nearly 800,000 BTC previously changed hands around this price, creating a substantial supply zone where investors may look to sell as the market recovers.
Therefore, a decisive move above this level could signal that buyers are absorbing the available selling pressure. If Bitcoin also maintains support along the lower boundary of its rising price channel, the next upside targets sit around $89,000 and $94,000.
Meanwhile, leading on-chain analytics provider Glassnode recently noted that Bitcoin briefly climbed above $85,000 on thin volume and limited fresh capital inflows before retreating. Combined spot exchange and U.S. ETF trading volume averaged just $6.8 billion daily, lower than 90% of days since early 2024.
Based on Martinez’s analysis, $84,569 is the immediate hurdle Bitcoin must clear, with the price at $83,217 per CoinGecko data.
Meanwhile, South Korea’s Jeonbuk Bank has begun offering corporate borrowers Korean won loans backed by Bitcoin held through a specialist custodian.
Well, this initiative marks a notable development in the country’s crypto-backed lending market, allowing businesses to access operating funds without the bank directly holding the pledged Bitcoin.