Bitcoin's value recently dropped to $86,000, marking its lowest point in three months and sparking discussions among experts and investors.
Breaking Long-Term Market Structure
The decline follows weeks of defending crucial price levels, ultimately leading to a break in Bitcoin's long-term market structure and suggesting a potential continued bearish momentum.
Whales Accumulating Despite Downturn
Despite the downturn, Bitcoin whales have been accumulating, indicating confidence in the asset's long-term value. According to CryptoQuant, whales received 26,430 BTC on February 24, linked to OTC deals and long-term investments.
Market Impact and Future Outlook
Despite the significant drop, Bitcoin remains under bearish pressure, with its price stabilizing around $88,215.21.
The market's next move will heavily depend on whether Bitcoin can attract enough buying pressure to shift sentiment, or if continued weakness will lead to another wave of sell-offs.
