Bitcoin rebounds after dipping to $90,742, as whales seize the opportunity to acquire 16,000 BTC worth $1.5 billion. On-chain analysis reveals that institutional players have significantly influenced the recent recovery, with Bitcoin climbing 6.25% to trade above $96,000 on Nov. 29.
Whales drive BTC recovery
According to CryptoQuant analyst Caueconomy, Bitcoin whales made strategic purchases amid this week’s correction, accumulating over 16,000 BTC as the price hit local lows. This accumulation follows a notable sell-off by short-term holders, who sent nearly $4 billion in Bitcoin to exchanges, often at a loss.
Despite this bullish whale activity, the rally requires broader market participation. “Retail and day traders must contribute to spot buying volume to push Bitcoin beyond $100,000,” the analyst commented. For now, accumulation is concentrated among institutional buyers.
Can whales push BTC past $100K?
Historical patterns suggest they might. In October, whales reached a record 670,000 BTC holdings, driving Bitcoin’s rise from $60,000 to near its all-time high. Current data indicates robust support in the $92,777–$95,634 range, where over 490,570 wallets hold approximately 441,250 BTC.
Technically, Bitcoin is attempting a breakout after forming a V-shaped recovery at $90,742. To test the critical $100,000 resistance, BTC must first close above the $96,400 overhead level, analysts say. If this happens, Bitcoin could approach a new all-time high.
While the outlook appears promising, broader buying momentum across retail and institutions is essential to sustain the rally.
