Bitcoin has advanced 3.5% over the past 24 hours, reaching the $80,000 psychological level, as renewed buying interest emerged near its 200-day exponential moving average (EMA). The rebound follows a market-wide selloff triggered by a $6.3 billion security breach at Binance, which had pressured prices earlier in the week.
Whale Accumulation Signals Confidence
On-chain data from Santiment reveals that wallets holding between 1 and 100,000 BTC collectively added approximately 60,000 Bitcoins during October, valued at roughly $4.8 billion based on current prices. The largest share of this accumulation came from wallets in the 100–1,000 BTC range, which increased their holdings by about 40,000 BTC—two-thirds of the total net addition.
This accumulation pattern suggests that large holders viewed the recent dip as a buying opportunity, even as institutional sentiment remained cautious. The activity contrasts with the outflows seen in US spot Bitcoin exchange-traded funds (ETFs), which recorded approximately $515 million in net withdrawals during October, according to SoSoValue data. The trend persisted into early November, though Wednesday saw a modest inflow of $74.57 million, breaking the streak.
Technical Outlook: Resistance at $81,890
Bitcoin's daily chart shows improving momentum after the price successfully tested its 200-day EMA twice during the latest correction. The 200-day EMA is a key indicator for long-term trend assessment, and the repeated bounces suggest that demand near this level is strengthening.
The immediate resistance sits at $81,890. A decisive daily close above this level would signal that buyers have regained control and could attract additional buying interest. Momentum indicators, such as the Relative Strength Index (RSI), have moved above their signal lines, hinting that bearish pressure may be easing. However, this is an early signal and needs confirmation from price action.
If Bitcoin fails to clear $81,890, it could face renewed selling pressure, potentially revisiting the $79,000 support level, which also aligns with the 200-day EMA. A sustained break below $75,000 would weaken the recovery outlook and increase downside risks.
While whale accumulation provides a supportive backdrop, the market remains sensitive to macroeconomic factors and regulatory developments. Investors are watching whether Bitcoin can sustain its momentum above $80,000 and overcome the key resistance zone.
This article is for informational purposes only and does not constitute financial advice.
