Bitcoin extended its rebound, rising 3.5% over the past 24 hours following renewed buying activity near its 200-day Exponential Moving Average (EMA). The cryptocurrency’s recovery comes as the market attempts to move past recent turbulence sparked by a $6.3 billion security breach at Binance.
Whales acquire $4.8 billion in Bitcoin during market weakness
On-chain metrics indicate that large Bitcoin holders have taken advantage of lower prices to increase their holdings significantly. Santiment reported that wallets containing between 1 and 100,000 BTC drew in roughly 60,000 additional Bitcoins throughout October, which corresponds to an estimated $4.8 billion in assets at current values.
The most aggressive accumulation occurred among wallets holding between 100 and 1,000 BTC, a group responsible for about two-thirds of October’s net increase. This movement suggests that even as institutional sentiment remained subdued, significant investors saw opportunity in the market’s dip.
While these large holders expanded their Bitcoin allocations, US spot Bitcoin ETFs recorded a period of investor withdrawals. SoSoValue data shows approximately $515 million in net outflows from such products during October, continuing into the early days of November.
However, the streak of outflows ended as spot Bitcoin ETFs saw a net inflow of $74.57 million on Wednesday, providing evidence of renewed interest in crypto-linked investment vehicles.
Santiment data shows wallets containing between 1 and 100,000 BTC collectively added about 60,000 Bitcoins in October, equal to roughly $4.8 billion, with the largest portion of these gains attributed to holders in the 100 to 1,000 BTC segment.
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Technical analysis: Resistance hovers at $82,000
Technical signals on Bitcoin’s daily chart have started to turn more constructive. The cryptocurrency recently rebounded twice from its 200-day EMA, a widely observed indicator that often acts as a long-term support level. Each approach to this zone has drawn renewed buying pressure, pointing to improved demand among investors.
Despite this positive momentum, Bitcoin faces a critical technical barrier near $82,000. The immediate resistance at $81,890 remains the most significant hurdle. A confirmed breakout above this range is likely to reinforce the prospects for a more extended recovery, potentially encouraging additional buying activity.
Momentum indicators such as the Relative Strength Index (RSI) have begun to show improvement, with the RSI moving above its signal line—an early marker that selling pressure may be easing. However, analysts caution that this development should be viewed as preliminary until a stronger price advance is confirmed.
Bitcoin’s price rebound has gained strength after repeated tests of the 200-day EMA, but bulls must clear the $81,890 to $82,000 resistance area to signal a more sustainable rally.
Failure to move above this resistance may leave Bitcoin exposed to another wave of selling. If bearish forces regain momentum, the market could revisit support around $79,000, with the 200-day EMA providing additional downside protection. Meanwhile, the $75,000 level represents a psychological threshold that, if breached, could further weaken the short-term recovery outlook.
