Bitcoin has slipped into a rare technical zone not seen in over two years. With volatility surging across the crypto market, investors are now asking a familiar question: Is this a breakdown or the setup for another historic rally?
Bitcoin Sees Rare Weekly Breakdown
Blockchain analytics firm Arkham Intelligence has revealed that Bitcoin is now trading below its 100-week and 200-week Exponential Moving Averages (EMAs). According to Arkham, the last time BTC reached this level was in September 2023, more than 2 years ago.
Arkham’s report arrives amid extremely volatile conditions in the crypto market, driven largely by escalating geopolitical tensions in the Middle East. The standoff between the United States and Iran has intensified into missile exchanges, reportedly leading to the death of Iran’s Supreme Leader, Ayatollah Ali Khamenei.
Despite the turmoil, Arkham pointed to a striking historical pattern. Shortly after Bitcoin fell to this level in 2023, it surged 3x over the next 6 months. With BTC once again beneath these critical weekly EMAs, speculation is mounting that history could repeat itself.
Whale Wallets Surge as Institutions Eye the Dip
Amidst the uncertainty, Bitcoin is witnessing notable accumulation by whales. Analytics firm Santiment recently revealed that the number of wallets holding at least 100 BTC is approaching 20,000. More fascinating is that Santiment highlighted the steady growth in wallets holding 100 BTC or more as a signal that additional investors are reaching whale status through increased accumulation.
According to the firm, a rise in BTC whale wallets is a phenomenon that has historically appeared during accumulation phases and often precedes price recovery. Beyond individual whales, institutions are also seizing the opportunity to buy the dip. Leading the charge is Strategy, the firm chaired by Michael Saylor.
Saylor made his regular Sunday Bitcoin-themed post yesterday and today announced the company’s fresh purchase of 3,015 BTC ($204 million). Thus, despite current market turbulence, the signal from both whales and institutions suggests quiet confidence beneath the surface volatility.
BTC Holds $66K as Analysts Eye Next Move
According to CoinMarketCap, Bitcoin is trading around $66,000, with price action remaining shaky despite ongoing whale accumulation and broader civil unrest. The market appears caught between macro-driven fear and underlying accumulation strength.
On the short-term horizon, market expert Ted Pillows has hinted that a dip below $66,000 could push BTC toward $64,000 before a potential bullish bounce. Such a move, if it materializes, could represent a liquidity sweep before renewed upside momentum. Meanwhile, market watchers are closely watching whether the rare technical signal flagged by Arkham could signal the highly anticipated Bitcoin bull rally.
The CoinRemark Team
Evans Kelvin
