Big Bitcoin [BTC] holders showed renewed conviction after two newly created wallets withdrew 984 BTC, worth about $72 million, from BitGo. The transaction immediately reduced the available supply and moved a significant amount of Bitcoin from the custody platform.
Such moves historically reflect accumulation behavior, as coins moved to new wallets often remain inactive for extended periods. Meanwhile, the pullback came while Bitcoin was trading near a key support zone, making the timing particularly notable.
Investor sentiment remained cautious in the broader market; however, the whale activity suggested that some participants viewed current prices as attractive.
Buyers continue to step into weakness
Market participants continued to absorb available supply despite Bitcoin’s recent decline.
Spot Taker CVD remained buy dominant, indicating that aggressive buyers had executed more buy orders than sell orders in the market over the observed period. This behavior suggested that demand continued even as price action weakened.
Rather than withdrawing from the market, buyers seemed willing to absorb the liquidity offered by sellers. Additionally, the buy dominant value closely matched the previously observed whale accumulation, creating a consistent picture across multiple metrics.
Although the price had not yet reflected this strong demand, order flow data indicated continued accumulation beneath the surface.
Is Bitcoin Preparing for a Recovery?
At the time of writing it is BTC was trading around USD 72,908 after falling marginally below the key USD 73,000 support level. However, the broader ascending channel remained intact as prices remained near the lower bound that had supported the recovery structure since February.
Rather than confirming a collapse, the recent move looked more like a support move as buyers continued to defend the channel bottom. The chart showed Bitcoin holding significantly above the next major support at $70,000, maintaining the broader bullish structure despite the recent weakness.
Meanwhile, the RSI fell to 34.32 at the time of writing, bringing it close to oversold territory and highlighting the tense selling conditions. Previous declines in similar RSI zones sparked buying interest, often preceding relief rallies.
Therefore, BTC seemed to be approaching a major turning point where a recovery to $73,800 and eventually $82,378 could emerge if buyers continue to defend the channel support.
Liquidity pools chart Bitcoin’s next step
Liquidation data revealed where traders concentrated risk across the market.
The strongest nearby liquidity cluster was between $72,800 and $73,000, around Bitcoin’s current trading zone. During the last decline, the price gravitated towards this area, absorbing significant leverage.
Higher up, larger liquidation pools, concentrated between $74,500 and $75,000, offered attractive targets if buyers regain control in the near term. Further upside liquidity extended to $76,000, creating multiple zones where volatility could accelerate.
On the other hand, liquidity fell below current levels until deeper areas of support emerged. Since markets often look for dense pockets of liquidity, these clusters would likely influence Bitcoin’s next major price move.
Could Whale Accumulation Cause a BTC Rebound?
Whale accumulation and buying-dominant spot activity indicated demand remained resilient despite recent weakness. Bitcoin continued to hold near the lower limit of its ascending channel even after briefly dipping below $73,000.
Meanwhile, the RSI was approaching oversold territory, indicating that selling pressure had become too great. If buyers continue to defend channel support, BTC could recover towards the liquidity clusters between $74,500 and $75,000.
Final summary
- Whales removed 984 BTC from the exchanges as buyers continued to absorb the supply.
- Bitcoin maintained channel support as the RSI neared oversold conditions near lows.