The market is getting active again, debating whether crypto money has really hit the bottom or not.
Technically, Bitcoin (BTC) has hit three higher lows and three lower highs since its early February low of $60,000. The last low was around $75,000 on March 16; This shows that the bulls are still holding key levels and trying to keep the market stable.
However, signals on the chain are blinking cautiously. Latest Glassnode report Bitcoin’s 24-hour Net Realized Profit and Loss SMA shows the price rising to $17 million on the hour before losing strength and falling below $70,000. Simply put, taking profits saps bullish momentum.
Moreover, the report points out that the depth of demand is compressing; This means the market cannot handle even moderate profit taking without feeling the pressure. A clear example? Bitcoin ETFs are over $300 million exit in the last three days.
Put it together and BitcoinThe $70,000 level is acting more like a supply zone. Investors are taking profits, acting as a local top, and squeezing out gains before momentum turns to risk-off. Bulls are under pressure due to weak demand and upside is limited until buyers step back.
The big picture? Few investors see this as preparation for a proper breakout higher. Instead a potential Retreat towards 50 thousand dollars is on the tableEspecially since much of the long-term liquidity is concentrated at high-risk levels. This means that if sales increase, we could see gradual liquidations and increase downward pressure.
And here’s the wildcard: What happens if a dormant 13-year-old Bitcoin whale suddenly wakes up in the middle of all this volatility?
Could $148 million in profits turn the Bitcoin market around?
The awakening of a sleeping whale in an already volatile market is enough to ignite frenzy.
In particular, this happened in exactly one incident The wallet that woke up after 13 years of sleep and moved 0.00079 BTC. To put it in perspective, this whale initially bought 2,100 BTC when Bitcoin was only $6.59. Fast forward to today, and that stash stands at a profit of $148 million, which is a jaw-dropping 10,710x return.
Interestingly, the frenzy did not turn into panic. In its place, analysts seemed to respect The whale’s conviction is a reminder that long-term patience can yield very good results in Bitcoin. In this context, the “timing” of the move seems strategic; It almost seems like a deliberate statement rather than a rushed reaction.
Looking at the charts, Bitcoin’s supply loss is around 41%, meaning roughly 8.3 million BTC is underwater. Combine this with BTC’s bearish trend near the $70k level, and a break of this key area could easily trigger capitulation risks. In short, that belief can quickly fade away while the bottom is still uncertain.
In this context, the market’s reaction to the dormant Bitcoin whale begins to gain importance.
From a HODLing perspective, whale’s 10k+ ROI currently represents roughly $148 million in profit, far beyond what gold would provide. The same position in gold would have returned just under 3x, or about $6.2 million.
Against this backdrop, the BTC whale movement seems like a reminder of why HODLing Bitcoin works. The fact that the market is still in a downward trend shows that patience can prevail over panic. fits perfectly with the timing of the market.
Final Summary
- With 41% of BTC supply underwater and heavy outflow from ETFs, the $70,000 level acts as a supply zone, making the market vulnerable to potential liquidation risks.
- A Bitcoin whale that has been dormant for 13 years has woken up and moved a small amount of BTC, but the over 10k% ROI reminds investors why patience can pay off in Bitcoin.
