Bitcoin’s price has bounced back from a steep decline to a four-month low earlier this week, now sitting approximately $7,000 higher. Analysts suggest it could continue its upward trajectory and potentially hit $90,000, provided it stays above the crucial $84,000 support level currently under examination.
**Whales Buying, BTC Rising**
Large Bitcoin holders, often referred to as whales or sharks, play a significant role in the asset’s price movements due to their capacity to buy or sell large quantities quickly, impacting the market. After several months of accumulating before and during the surge towards $110,000, they shifted their approach in early February after Trump’s tariffs on multiple countries. Inevitably, Bitcoin’s price plunged, hitting its latest low earlier this week at under $77,000. During this adjustment period, whales and sharks changed their strategy again, starting to accumulate more Bitcoin. In the last few business days, they went on another buying spree, adding over 20,000 BTC to their wallets, valued at nearly $1.7 billion in USD, according to Ali Martinez and Santiment data.
Ali shared with his 130,000 followers on X that Bitcoin could climb to $90,000, provided the $84,000 support level, currently being tested, holds firm.
**Leveraged Run?**
While whales purchasing large BTC amounts can influence Bitcoin’s price and the broader market, which has been rising since Thursday, CryptoQuant’s Maartunn pointed out another potential reason for the relief rally. He observed that Bitcoin Open Interest has surged by about 13% from recent lows, nearing $28 billion. He cautioned that this increase might be due to a significant number of leveraged positions, which can be risky. A swift BTC price drop could trigger a massive liquidation event, as seen during past corrections.
*Whales have bought over 20,000 #Bitcoin $BTC in the last 48 hours! — Ali (@ali_charts) March 14, 2025*
*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) March 14, 2025*
