Source: Cointelegraph/TradingViewSo far, bulls have narrowly avoided a rematch with multimonth lows from late February, but among some Bitcoin traders, the mood is predictably cautious.“Bitcoin is back in the critical zone of the weekly parabolic trend,” analyst Kevin Svenson wrote in his latest analysis on X. “We are still holding the current lows of last week, no new low has been created yet.
Over the first full week of March, it shows, Bitcoin whales and “sharks” — entities with 10 BTC or more — felt it appropriate to start increasing their BTC exposure again.“In short, their mild dumping from mid-February to early March contributed to crypto’s latest dump,” Santiment wrote in part of X commentary. “But since March 3, wallets with 10+ $BTC have accumulated nearly 5,000 Bitcoin back into their collective wallets.”Bitcoin whale, shark accumulation.
Source: Santiment/XResearchers acknowledged that price action has yet to reflect their conviction, but a delayed response could well mean that the market sees a fresh relief rally next.“Prices have not reacted to their buying just yet, but don’t be surprised if the 2nd half of March turns out much better than the bloodbath we’ve seen since Bitcoin's ATH 7 weeks ago...assuming these large key stakeholders continue their coin collecting,” they concluded.
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Author / Journalist: Cointelegraph by William Suberg
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