Bitcoin Rebounds 10% From $74,000 Low As Whales Accumulate

Bitcoin has experienced a significant rebound after dipping to $74,000, with large transactions over $1 million indicating that major investors, or "whales," played a crucial role in this recovery. On-chain data revealed a notable spike in large transactions, with 1,715 such moves recorded in a single day. This surge coincided with Bitcoin hitting its local low, suggesting that whales were actively accumulating more BTC during the price dip. This activity has since cooled off slightly, but its impact on the price rebound is already evident.

Analysts have noted that when whales make significant moves, it often signals growing confidence in the market, even if retail sentiment remains uncertain. This could be an early indication of a shifting trend in the broader BTC market. However, the movement of old, untouched BTC, which had been idle for over a decade, adds a layer of caution. Such movements can sometimes hint that long-term holders are preparing to sell, which could spook the market and introduce uncertainty about the sustainability of the current rally.

Technical analysis of Bitcoin's price action on the 5-minute chart shows a sharp correction from the $81,000 resistance zone, forming a strong downward channel shortly after the peak. The price broke below key support around $78,000 and slid toward the $74,000 range before finding a temporary bottom. A bounce from this lower support level was accompanied by a sequence of golden crosses on the MACD, suggesting short-term bullish momentum. The RSI touched oversold territory multiple times during the decline, reinforcing the notion of exhaustion among sellers. However, each relief rally was met with resistance, limiting upward momentum and highlighting bearish pressure near intraday highs.

Despite some bullish signals, such as repeated golden crosses and oversold RSI rebounds, Bitcoin’s inability to reclaim and hold above $77,000 indicates a fragile recovery. The horizontal price action following the bounce, coupled with multiple death crosses on the MACD, suggests indecision and potential consolidation before the next major move. Support near $74,500 continues to hold firm, forming a key demand zone, while resistance near $80,000 remains unchallenged. Unless bulls regain strength and break above $77,500 with volume, a retest of the lower range remains likely.

In conclusion, the quick rebound of Bitcoin from $74,000 is largely attributed to the intervention of whales during the dip, signaling that major players are closely monitoring the market. However, the movement of old, untouched BTC introduces some uncertainty. The technical picture shows mixed signals, with encouraging signs like golden crosses and RSI dips into oversold territory, but the bulls have yet to push past $77,500. Currently, Bitcoin appears to be caught between momentum and hesitation. If buying pressure does not increase soon, the rally could start to fade. Traders should closely monitor these levels for potential price swings as Bitcoin continues to react to broader market trends and macroeconomic factors.