Bitcoin's price dipped below its ascending channel, reaching $81,222 on March 31. This marks the lowest quarterly returns since 2018, yet a group of whale entities continues to show accumulation behavior akin to the 2020 bull market.
Current Bitcoin Market Situation
Bitcoin's price fell over the weekend, contributing to a broader downtrend as the quarter ends. However, demand from large whale entities could shift the dynamics.
Whales' Role in the Current Market
Onchain analyst Mignolet noted that large whale addresses holding between 1,000 to 10,000 BTC continue to exhibit high correlation with Bitcoin's price. These whales show resilience to market volatility and present accumulation patterns similar to those seen during the 2020 bull cycle.
Future of Bitcoin: Can $84,000 be Flipped?
Upcoming macroeconomic events could impact Bitcoin's price, including job data releases and the Federal Reserve's chair speech. A short-term target is achieving $84,000, potentially providing support for future rallies.
Bitcoin's price continues to face pressure, but the emergence of accumulation patterns reminiscent of the bull market indicates a possible shift. The influence of large-scale economic events on the dollar could play a critical role in the near future.
