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After weeks of trading above the $100,000 threshold, Bitcoin’s price has fallen below this psychological level with the heightened bearish state of the crypto market. However, the flagship asset has recovered to this level, and it is now trading slightly above $102,000. Within this waning price action is a positive trend and activity spotted among key BTC investors.
Classic BTC Whales Maintain a Neutral Stance
During the weekend, Bitcoin experienced a sharp decline as macroeconomic conditions remained bearish. On-chain data shows that BTC’s waning price action has not entirely influenced the conviction of many investors, especially whales.
Alphractal, a data analytics and investment platform, reported that the true and classic whale investors are still maintaining a neutral stance, neither bullish nor bearish. The platform revealed the development following its investigation of the Bitcoin Whale Transaction metric to gauge big investors’ transactions.
According to the platform, the volume of on-chain BTC transactions over $100,000 stays at neutral to low levels. A look at the chart shows that this trend and position also occurred back in 2020, indicating a potential market reaction akin to that of the 2020 bull cycle.
Such steady behavior from whales points to a wait-and-see strategy by these investors, indicating neither terror nor euphoria. Despite short-term volatility, their neutrality might indicate greater market apprehension or faith in Bitcoin’s long-term course.
BTC whale transaction volume is neutral | Source: Alphractal on X
The on-chain platform highlighted that OG Whales usually shift enormous amounts of BTC during bull runs. However, this trend identified among these key investors in the bull market phase has not happened since 2022.
Bitcoin’s recent pullback has raised concerns about its near-term prospects as the flagship asset dropped to the Short-Term Holders Realized Price. Alphractal noted that Bitcoin had reached the STH realized price after declining below the $99,000 zone.
According to Alphractal, this is the point where it hits the average price of every BTC bought in the last 155 days. In the meantime, the expert has urged investors to be extra cautious since this could be the primary short-term support.
BTC To Rally In The Near Term
While BTC struggles to regain upside traction, Batman, a crypto expert, stated that the asset is still holding strong at support and showing good resilience. Since rising above the $100,000 mark, Bitcoin has maintained its position above this level for over 44 straight days, reflecting its resilience even during market whirlwinds. “That’s a good sign in the tough market we have seen lately,” he added.
Batman noted that if this support continues to hold, BTC may push toward the $120,000 level in the short term. This expected surge aligns with the last phase of the Wyckoff theory, which the expert believes will start sooner or later.
BTC trading at $101,750 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from Pixabay, chart from Tradingview.com
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