Bitcoin is under pressure around $66,996, driven by investor uncertainty and fear, as indicated by a Spent Output Profit Ratio (SOPR) nearing below 1, suggesting investors are selling at a loss. Historically, this situation has marked local bottoms. However, despite smaller investors selling, Bitcoin whales, holding 10,000-100,000 BTC, are accumulating, adding over 70,000 BTC this month, providing potential support. Exchange whale outflows also suggest long-term positioning. While this whale accumulation is a positive sign, comparisons to past trends require caution, as sustained recovery depends on broader macro conditions and liquidity.
Bitcoin Whale Accumulation Resembles 2022 Structure – Can It Revive BTC Price?
