Whale Accumulation Signals Bullish Bitcoin Momentum Ahead

According to on-chain analytics platform Santiment, the recent accumulation of Bitcoin by whales and sharks, defined as entities holding 10 to 10,000 BTC, while retail traders (holding less than 0.01 BTC) take profits, suggests a bullish outlook for the market. Whales and sharks have accumulated 56,227 BTC since mid-December, marking a local bottom, and retail traders are now selling under the assumption of a 'bull trap.' This dynamic increases the probability of continued market capitalization growth. Bitcoin has been trading sideways between $87,000 and $94,000, recently hitting a seven-week high near $94,800. Analyst James Check noted a significant supply redistribution, with top-heavy supply dropping from 67% to 47% and profit-taking decreasing, indicating underlying bullish consolidation. Experts see key upside resistance between $95,000 and $100,000, with immediate support at $88,000 to $90,000.

(Source：Cointelegraph)