Bitcoin Whales Buy the Dip Amidst April Volatility, Hinting at Future Price Surge

The Bitcoin market has demonstrated extreme volatility in April, with gains and losses in equal measure.

Still, Bitcoin "whales" seem to be adding to their holdings despite the volatile price action, maybe because they expect prices to rise in the future.

Leading blockchain analytics firm Santiment has highlighted the recent activities of major participants in the Bitcoin ecosystem in a post on X dated April 18.

According to Santiment, individuals with holdings ranging from 10 to 10,000 BTC exhibit a strong sense of confidence, despite the ongoing volatility in the BTC market.

According to the analytics firm, these prominent Bitcoin investors currently hold 67.77% of the cryptocurrency, having accumulated 53,600 BTC since March 22.

Despite this buying frenzy, the Bitcoin market continues to struggle to establish a consistent price trend, which is characterized by significant fluctuations and periods of tight consolidation.

After a steep 13% drop at the beginning of April, Bitcoin price twice tested the $74,000 support level before regaining ground and reaching a high of $88,000 on April 15. Since then, it has been consolidating, with prices ranging from $83,000 to $86,000.

Considering the present market dynamics, the ongoing accumulation of Bitcoin by major holders indicates that influential investors may be positioning themselves for a potential upswing, which is a positive sign for the overall market.

This action offers retail traders a strong bullish indication, suggesting that there is sufficient underlying demand to drive and sustain further price growth.

According to BRN analyst Valentin Fournier, Bitcoin must surpass the $91,000 threshold to validate the potential for a sustained upward trend.

If this upward movement occurs, the leading cryptocurrency is anticipated to recover to its previous peak and may even venture into new price territories.

The Daily Total Net Open Interest (Delta) was 146.83 million, according to the SoSoValue.

The increase indicates a rise in open contracts for calls and implies that those managing market positions are required to acquire additional underlying assets for hedging purposes, which usually results in an uptick in ETF purchases.

Currently, Bitcoin is valued at $87,425, reflecting a 2.7% rise from the day before.