Bitcoin is showing signs of recovery, returning to $68,000, almost erasing the losses it suffered over the past week. This price recovery coincided with an increase in large-cap or “whale” activity. However, the momentum could not be sustained, pushing the price level to $66,000.
Data from Santiment revealed that the number of wallets holding at least 100 BTC (worth about $6.78 million) is almost reaching 20,000. This trend is seen as a positive sign as it indicates asset accumulation during low prices.
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However, the overall supply in the hands of major holders has not increased drastically. This has caused the price of Bitcoin to remain flat as the asset is now more spread out among many large investors than concentrated in a group of retail investors.
From a technical perspective, analyst Willy Woo warns that the market is still in a strong bearish phase. While there is potential for a rally to $70,000, lack of liquidity in the spot and futures markets is expected to limit sustained growth.
Market sentiment remains cautious with a possible further decline to $45,000 or lower if global economic conditions deteriorate. Real bullish momentum is only expected to return in early 2027.
