Although the Bitcoin price has approached the $75,000 level in recent days, it frequently encounters selling pressure at this critical point. On-chain data showed that large investors (whales) accelerated their mass buying as the price struggled to hold on to this important resistance. Crypto Patel, known for his analyzes in the crypto market, stated that whales purchased 270,000 Bitcoins in the last month. According to experts, this stands out as the largest mass accumulation period since 2013.
Large investments and shrinking supply in stock markets draw attention
Bulk purchases in the market also affect the supply on the stock exchanges. According to the latest data, reserves held in Bitcoin exchanges have fallen to such a low level for the first time since December 2017. The decreasing amount of Bitcoin on exchanges means a decrease in the number of coins available for sale, which indicates that the pressure on the price may decrease in the current trend.
During this period when demand in the spot market was strong, Bitcoin exhibited a fluctuating movement in the short term. The asset briefly fell to $73,500 at the open of US markets; Then, since it could not exceed the critical threshold of $ 75,000, it fell below this level again with the sales. However, it soon largely recovered its previous losses and approached the $75,000 level again.
Market commentators are watching whether the fact that whales continue to accumulate Bitcoin unabated and stock market reserves have fallen to historical lows is setting the stage for a new upward wave. While Bitcoin’s recovery between $60,000 – $65,000 and its rise back to the $75,000 band is carefully monitored, the fact that the price cannot clearly rise above this resistance makes the break even more important in the medium term.
The fact that whales have been purchasing Bitcoin en masse in the last month and stock market reserves have fallen to low levels not seen since 2017 stand out as signs of a new rise among investors. However, selling seems to be still active at the $75,000 resistance.
Futures and funding rates remain in negative territory
According to data from crypto analysis firm Glassnode, Bitcoin’s seven-day average funding rate has fallen to around -0.005 percent. This level was recorded as one of the most negative rates seen since 2023. When the funding rate turns negative in futures transactions, it means that investors taking short positions pay long position holders; This generally indicates that the market is in a downward trend.
Historical data shows that deep negative funding rates occur during periods when local bottoms form in Bitcoin. Because as short positions intensify, if the price continues to rise, these positions can be liquid and this can trigger sudden increases. In March and April, despite this negative picture in funding rates, Bitcoin continued its rise from $ 60,000 to $ 75,000.
Geopolitical news and new trends in the market
Bitcoin also reacted quickly to the geopolitical news flow. Former US President Donald Trump’s announcement that a 10-day ceasefire agreement had been reached between Israel and Lebanon received a positive response in the market. Investors think that this development strengthens their hopes for progress in regional talks involving the USA and Iran. After the announcement, Bitcoin recovered from its intraday low of $73,000 to $74,800.
Data on market structure shows that Bitcoin transaction volume has been above the altcoin volume for two months. In such periods, investors generally prefer to act cautiously. In recent days, altcoin transaction volume has started to rise; This is interpreted as participants starting to take risks again.
On the other hand, there has been a noticeable increase in Bitcoin’s inflows to futures exchanges since March. This move is similar to moves seen following the FTX crash in late 2022.
In light of all these developments, record levels of whale purchases, low Bitcoin reserves on exchanges and deeply negative funding rates have led to eyes turning again to whether Bitcoin will exceed $ 75,000 and rise to $ 80,000.
