10,000 BTC Bought by Whales Overnight: What Does it Mean for Bitcoin’s Price?

In the last 24 hours, large Bitcoin holders, also known as whales, have added more than 10,000 BTC to their wallets. This comes from on-chain data shared by analyst Ali Martinez.

Meanwhile, the move follows a steady period of selling, making this sudden shift in accumulation noteworthy as Bitcoin trades near major support.

Whales Accumulate While Price Falls

Whale wallets holding between 1,000 and 10,000 BTC have started buying again. This resurgance in activity has taken place after a month-long decline in holdings.

At the same time, Bitcoin has dropped by nearly 7% over the past week. The asset is currently below $102,000, and trading volume remains high at nearly $70 billion in the past 24 hours.

Additionally, data from CryptoQuant shows the Exchange Whale Ratio has fallen to around 0.40 to 0.45, the lowest range in a month. This ratio measures how much BTC whales are sending to exchanges. A lower figure means fewer coins are being moved to platforms where they could be sold. This suggests whales may be holding or buying instead of preparing to sell.

Source: CryptoQuant

Another metric, the Profit and Loss Margin for short-term holders, is now at -11.16%. When this number has dropped below -12% in the past, Bitcoin has often reversed its trend. Martinez noted that “Bitcoin has always rebounded when traders’ realized losses fell below -12%” in the last two years. With the current figure nearing that level, many are watching closely for a possible bounce.

Price at Long-Term Support Levels

Bitcoin has reached the 50-week exponential moving average, a level that has historically supported prices during past market corrections. Analyst Rekt Capital shared that the RSI is near 44.5, an area where previous recoveries have started. According to them, the price and RSI need to form higher lows for a reversal to take shape.

Still, not everyone agrees. Crypto Patel said, “BTC breakdown confirmed, structure flipped bearish,” warning that the next level to watch could be $83,610. They added that only a move above $116,400 would cancel this outlook.

CryptoPotato also noted that Bitcoin is now testing the 50-week simple moving average, a line that has marked sharp corrections in the past when broken. If the price does not hold above it, the risk of further downside grows.

Global Trends May Weigh on BTC

Daan Crypto Trades linked Bitcoin’s current weakness to shrinking global liquidity, stating,

Other analysts point to broader selling across regions. Ted said the United States is now a key seller, along with Asia and Europe. He added,

Bitcoin’s market structure has weakened. It is now trading under several long-term trendlines, and multiple weekly closes have confirmed price pressure.

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