Bitcoin Eyes $90,000 as Whales Go on a Buying Frenzy
Large BTC Holders Accumulate Over $1.7 Billion, Pushing Prices Higher
Bitcoin has staged an impressive comeback after hitting a four-month low earlier this week, now trading about $7,000 higher. With the asset hovering around a crucial support level at $84,000, analysts suggest it could continue its climb toward $90,000 - but only if this key level holds.
Whales Fueling Bitcoin’s Surge
The recent price action appears to be heavily influenced by Bitcoin whales and sharks - large holders with the power to move markets through rapid buying or selling. After accumulating BTC aggressively during the bull run to $110,000, these major players turned bearish in early February, coinciding with the impact of Trump's new tariffs. This shift led to a sharp sell-off, with Bitcoin plunging below $77,000 earlier this week.
However, whales have now flipped back to accumulation mode. In just the last few days, they’ve scooped up over 20,000 BTC - a staggering $1.7 billion worth, according to Ali Martinez, who cited Santiment data.
“Whales have bought over 20,000 #Bitcoin $BTC in the last 48 hours!” - Ali Martinez (@ali_charts)
Martinez told his 130,000 followers on X that Bitcoin’s trajectory toward $90,000 remains intact, as long as the $84,000 support holds.
The Leverage Factor - Boom or Bust?
While whale accumulation is undeniably a bullish signal, some analysts warn that Bitcoin’s recent rally might also be fueled by high leverage, which could make it a risky play.
CryptoQuant’s Maartunn pointed out that Bitcoin’s Open Interest has surged by 13% from its recent low, reaching nearly $28 billion. This suggests a sharp rise in leveraged positions, which could be a double-edged sword. If BTC faces another sudden downturn, these overleveraged longs might trigger a cascading wave of liquidations, as seen in previous corrections.
“Leverage Driven Pump! Bitcoin Open Interest rises to $27.9 billion, marking a $3.3 billion (+13%) increase from its recent low.” - Maartunn (@JA_Maartun)
With Bitcoin standing at a critical crossroads, all eyes are on the $84,000 level. If it holds, the next stop could be $90,000 - but if leverage-fueled volatility kicks in, traders should brace for another wild ride.
