By Chris Hollingworth 
Bitcoin (BTC) experienced a notable price drop below its ascending channel pattern over the weekend, falling to $81,222 on March 31. This decline marks the cryptocurrency’s worst quarterly return since 2018. However, amidst this downward trend, a group of whale entities have shown behavior reminiscent of a signal observed during the 2020 bull run.
In a recent analysis, onchain analyst Mignolet highlighted the correlation between “market-leading” whale addresses holding between 1,000 to 10,000 BTC and the price of Bitcoin. These entities have displayed resilience to market volatility and exhibited accumulation behavior similar to patterns seen during the 2020 bull cycle.
During the current bull market, a distinct pattern has emerged where Bitcoin whales rapidly accumulate BTC, even during periods of bearish market sentiment. These accumulation phases have preceded significant price surges, indicating that whales may be strategically positioning themselves ahead of market recovery. Despite the recent price decline in BTC, there are no immediate signs that these market-leading whales are exiting their positions.
The chart depicting the latest accumulation pattern, labeled as “Pattern No. 3,” shows a similar rate of accumulation, although the BTC price has remained relatively sideways. As Bitcoin continues to navigate its price movements, attention is drawn to the potential of flipping the $84,000 level to establish support for a bullish momentum.
With the start of the New York trading session on March 31, BTC rallied to close the CME futures gap that had formed over the weekend. This gap represents the variance between the closing price of BTC futures on Friday and the opening price on Sunday evening.
Looking ahead, several key US economic events in early April could impact Bitcoin’s price trajectory. These events include JOLTS Job Openings data on April 1, the US tariff rollout termed “Liberation Day” on April 2, and significant reports such as Non-farm payrolls, the Unemployment rate, and a speech by Federal Reserve Chair Jerome Powell on April 4.
In the near term, BTC’s focus remains on flipping the $84,000 level to support potential upward movement. A successful reclaiming of this level could propel BTC prices above the 50-day exponential moving average, potentially leading to a rally towards the supply zone ranging from $86,700 to $88,700. Conversely, sustained consolidation below $84,000 could reinforce resistance levels, possibly triggering further corrections towards lower liquidity areas in the $78,200 to $76,560 range.
It is important to note that this article does not provide investment advice. All investment and trading decisions involve risks, and individuals should conduct thorough research before making any financial decisions.
