Bitcoin Finds Bottom at $81K and $80K, as Whales Heighten Accumulation

Amid the increased volatility in the crypto market today, Santiment released data offering insights for spotting market dips, an essential skill for investors seeking to take advantage of downtrends. The metrics mentioned criteria like whales’ actions and general market sentiment, which experienced traders are using to gauge ideal entrance spots for acquiring Bitcoin.

Watching whales in the market

Today’s data by Santiment highlighted two key on-chain indicators showing professional investors when to stack Bitcoin at reduced prices.

First, the data noted that on Saturday, March 29, there was a significant surge in whale transactions, surpassing $1 million. The number of such transactions reached 237 during that day, a 45% increase from the day before.

Secondly, the data spotted that market sentiment has decreased to a mark of 32 out of 100, indicating increased levels of panic and possibility for a market dip. In short, according to Santiment metrics, these two on-chain indicators show that strategic investors are starting to accumulate Bitcoin in the current dips, with expectations for a future market recovery.

Bitcoin price updates

Today, Bitcoin made some recovery, with its value currently standing at $84,076, after seeing a 2.7% surge over the past 24 hours. This rebound comes following a significant decline during the weekend that prompted its price to drop to the $81k level on March 31.

The rebound happens amid robust investor enthusiasm, identified by major on-chain indicators (as highlighted above), indicating that the asset is at present trading at a discount. This occurs at a time when the Bitcoin market prepares for likely heightened turbulence from the looming US trade tariffs.

Although Bitcoin has been going through a significant correction trend lately, the above-mentioned indicators suggest that long-term investors are not discouraged and consider the current price movement as an opportunity.

Adding on top of that, today, technical analyst Mignolet released fresh data indicating that whale addresses with 1,000 and 10,000 BTC are displaying acquisition behaviour similar to trends witnessed during the entire 2020 bull market. These whales are positioning themselves for a potential future recovery as they’ve displayed defiance behaviour against elevated price fluctuations and have been quick acquiring BTC tokens during price drops.

On-chain data identified long-term buying desire and investor confidence. With this whales’ acquisition behaviour and the market rebound above the $83,000 level, it is possible for the asset to gain strength to surpass the resistance level at $84,000. However, unpredictable economic circumstances like the looming US trade taxes could the market uneasy and retrace to $81,000 and $80,000 level.