Bitcoin (BTC) 
$84,551 price fell by 1.7% to $96,218 on Thursday, February 13. This decline is associated with unexpectedly high U.S. Producer Price Index (PPI) data, which signals that interest rates may not decrease in the short term. Despite market uncertainty, the large accumulation of BTC by whales strengthens the possibility of a new rally.
Whales Accumulate $3.8 Billion in BTC
In the last three weeks, Bitcoin price has decreased by 11.88%, dropping from $109,365 to $96,399. This correction is seen as part of the consolidation trend observed over the past three months. Despite the price drop, whales have been actively purchasing large amounts of BTC, seizing market opportunities.
According to data from crypto analytics firm IntoTheBlock, there was a net influx of approximately 40,000 BTC into large wallet addresses on February 5. This movement stands out as one of the largest accumulation efforts in recent months.
Historically, large BTC purchases by whales often create a positive market sentiment, enhancing institutional demand and reducing selling pressure. This could signal potential upward movements in the BTC price in the short term.
Bitcoin Price Analysis and Commentary
Throughout the past week, Bitcoin has shown low volatility, trading sideways around the $95,000 mark. Price movements are characterized by long-wicked neutral candles, indicating a lack of clear direction between buyers and sellers.
If this sideways movement continues, Bitcoin’s price could drop by another 5.3%, testing the significant support level at $91,175. Historical data suggests this level acts as strong support, with buyers typically returning to the market upon each test. Such movements could trigger a price recovery of 12% to 20%.
Market participants should closely monitor price actions around the $91,175 level. A potential recovery could signal a new upward trend, while a drop below this level might indicate a larger bearish trend is emerging.
