- Large investors bought over 47,600 Bitcoin in December and there was also a real dip buying frenzy in retail.
- Bitcoin is below $90,000 and uncertainty remains as traders do not rule out a fall to the support zone between $82,000 and $85,000.
Data from Santiment showthat major Bitcoin investors changed their behavior in December. Whales bought 47,584 BTC in the first few days of the month alone. This was preceded by a sustained selling period from October 12th to November 30th, during which they sold 113,070 BTC.
But the new accumulation has brought Bitcoin back into what Santiment calls the “blue zone,” where retail and large investors buy at the same time. The last time there was similar behavior, Bitcoin rose sharply in September and early October. The same pattern could form again if retail investors sell now instead of holding.
The price has reacted to the changed purchasing behavior. BTC had the earlier this week 92.000 $ exceeded before coming on 89.635 $ fell behind, resulting in a decline of 3,09 % in the last 24 hours.
Will Bitcoin remain in the support zone?
The Bitcoin price is currently under pressure and is below 90.000 $. It is in a broad pullback phase. The key area to watch is between 82.000 $ and 85.000 $where significant buying previously occurred, and a close above this area could stabilize the market.
On the technical side, Bitcoin continues to trade within a bearish pattern while volatility is low. The Bollinger Bands have narrowed again, a constellation that was last seen at the beginning of November before the sharp slide from the 110.000 $ zone could be seen.
Should the course be in the range between 82.000 $ and 85.000 $ fall and hold there, the current pullback could take a break. On the other hand, a rebound could occur 92.000 $ bis 95.000 $ indicate that selling pressure is easing.
The Santiment analysts emphasize:
“The only thing holding back prices is the fact that retail bought the dips and also accumulated. If small wallets start dumping their coins as whales buy them, we will almost certainly see a surge like we saw in September and early October.”
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