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- Bitcoin price dropped below $92,000, more than 10% from its recent high of $103,900, triggering liquidations exceeding $1 billion within 24 hours.
- BTC whale accumulation and Institutional investments, including spot Bitcoin ETFs holding over 1.1 million BTC, continue to bolster confidence.
A prominent Bitcoin (BTC) investor has increased its positions by buying 600 BTC for $58.85 million after the market corrected sharply. The investor bought the BTC stash when the price of Bitcoin was falling from its recent all-time high at $100,000, creating an accumulation opportunity.
Bitcoin Whale Accumulation In Price Dips
The investor has bought a total of 1,300 BTC valued at $127 million in the last fortnight while prices declined. On-chain data shows transactions were carried out using Binance’s hot wallet, which is commonly used for high-volume transactions. The purchases included two separate acquisitions, where 300 BTC were acquired in each acquisition.
According to Whale Alert data, another Bitcoin whale also bought 1,069 BTC worth $104.72 million a few hours ago from Kraken. Such strategic moves underscore how large investors use corrections to increase their holdings, showing confidence in the long-term potential of BTC. However, not everyone was bullish during the price dip caused by large profit-taking initiatives.
BTC Price Drops Under $92K as Liquidations Top $1 Billion
The BTC price briefly fell below $92,000, which is more than 10% lower than the high of $103,900 recorded on Thursday, December 5, reported CNF. Such a large price movement caused massive liquidations in the market of over $1 billion within 24 hours. Of that amount, $810 million came from long positions, meaning that there was a lot of bullish sentiment before the decline.
No coins selectedAfter the dip, Bitcoin recovered to go above $96,000. This rebound indicates continued demand for the asset even when it becomes volatile. Moreover, the whale’s accumulation activities indicate that large trades may indeed influence short-term price action. These acquisitions during corrections not only influence market dynamics but also impact smaller investors’ strategies as they react to the same fluctuations differently.
Bitcoin price movements are still closely observed as they have a direct effect on market sentiment and trading strategies. However, as institutional influx into BTC is increasing owing to spot Bitcoin ETFs, which now hold over 1.1 million BTC, analysts expect a recovery soon.
Furthermore, MicroStrategy, MARA, Metaplanet, and others have ramped up their BTC buying alongside new market entrants like Worksport, per the CNF report. Meanwhile, crypto analysts suggest that Bitcoin’s price could be refunded to $100,000 before the end of this year if the accumulations continue. Whilst, Standard Chartered Bank has offered a bold target of $200,000 for BTC price in 2025.
