Bitget Analysis: Bitcoin Whales Accumulate at Key Support Levels, Technical Indicators Point to $123K Breakout Potential
Recent data from Bitget and Glassnode reveals significant whale accumulation activity below $107,588, with over 16,000 BTC flowing into large holder wallets. As Bitcoin stabilizes near critical technical supports following a brief correction, key indicators including the 50-day moving average and RSI suggest growing momentum for an upward reversal. This accumulation pattern, combined with positive technical signals, creates a compelling bullish case for Bitcoin's potential ascent toward the $123,000 threshold, marking a significant development in the current market cycle that Bitget traders are closely monitoring.
Bitcoin Whales Accumulate Below $107K as Technical Indicators Signal Potential $123K Breakout
Bitcoin's price action is stabilizing NEAR critical technical supports after a brief dip from recent highs. Whale wallets are accumulating BTC below $107,588, with over 16,000 BTC added to large holder addresses in recent days, according to Glassnode and Bitget data.
The 50-day simple moving average and RSI indicators suggest a possible upside reversal toward $123K. Pseudonymous trader crypto King notes BTC remains firmly within its long-term trend channel, dismissing short-term volatility as noise.
Market analysts interpret this accumulation phase as institutional players positioning for the next major move. The quiet buying spree reflects growing confidence among sophisticated investors despite recent price fluctuations.
Tether Mints $1B USDT: Bullish Signal or Market Manipulation?
Tether, the issuer of the world's largest stablecoin, has minted an additional 1 billion USDT, igniting debate across crypto markets. The move, tracked via on-chain data and exchanges like Bitget, raises questions about its potential to fuel a rally or mask manipulation.
The injection comes as the Crypto Fear & Greed Index sits at 29, reflecting widespread market anxiety. Traders anticipate the liquidity surge could stabilize order books and enable large-scale accumulation of bitcoin and altcoins. "Additional USDT acts as ammo for market participants," observed on-chain analyst EyeOnChain, suggesting strategic deployment may trigger upward momentum.
Stablecoins serve as critical trading pairs across exchanges. Tether's expansion of supply typically reduces slippage during volatile periods, facilitating institutional-sized transactions. This liquidity mechanism often precedes bullish cycles when capital flows into Core assets like BTC and ETH.
