Bitcoin hits 3-week high as whale accumulates $200 million BTC
Bitcoin stalls at $88,800 as Fibonacci resistance triggers pullback.
Bitcoin price has extended its uptrend from the March 11 lows, reaching a three-week high of $88,800 before encountering resistance.
The pullback from this peak was triggered by two key technical factors: the 50-day EMA and the Fibonacci 0.618 golden ratio resistance level. This led to a decline of over 1% during Tuesday’s Asian session, with prices dropping near $86,400 before finding support at the Fibonacci 50% equilibrium level.
Adding to the recent volatility, a Bitcoin whale recently resumed accumulation, purchasing 2,400 BTC worth over $200 million on March 24, according to Arkham Intelligence. This signals a shift in strategy after the whale had offloaded more than 11,400 BTC in prior months. Despite earlier sales when Bitcoin traded between $100,000 and $86,000 in February, the wallet now holds over 15,000 BTC, valued at $1.3 billion. Large-scale accumulation from significant holders often influences market sentiment, providing underlying support for Bitcoin’s price.
RSI and Fibonacci 50% level supports Bitcoin bullish outlook
BTC/USD price dynamics (Nov 2024 - March 2025). Source: TradingView.
Bitcoin is currently trading around $86,600 in the European session, stabilizing at the Fibonacci 50% level. The daily RSI has recently shifted into bullish territory, suggesting the potential for renewed upside momentum. However, the 50-day EMA continues to pose resistance, meaning a decisive move above $88,800 would be necessary to confirm further gains.
If Bitcoin successfully breaks above $88,800, the next key resistance level is near $90,000, with a potential extension toward $100,000. Conversely, failure to maintain support at $86,400 could lead to a deeper pullback toward $85,000. While whale accumulation suggests confidence in Bitcoin’s longer-term trajectory, traders should remain aware of key resistance and support zones that could dictate the next move.
Bitcoin rebounded 13% from its yearly low of $76.5K, driven by renewed buying momentum. It broke above the $84,400 resistance, with the 100 EMA reinforcing this level as support.
