Key Points:
Bitcoin whales are increasing their Bitcoin holdings while prices hover below historical highs.
If the market experiences a new round of corrections, potential rebound points may be around the $94,000 area.
Hyperliquid trader James Wynn indicates that large traders are influencing price performance in short time frames.
According to the latest analysis this week, if Bitcoin undergoes a new price correction, support may only be at the $94,000 level.
Keith Alan, co-founder of trading resource platform Material Indicators, noted in his latest comments on the X platform that Bitcoin may form a rebound area at the 21-week moving average.
Data from Cointelegraph Markets Pro and TradingView shows that after reaching the historical high of $112,000, Bitcoin has been consolidating within a range of about $5,000.
Alan believes the market is sending positive signals for future trends, with large traders increasing their Bitcoin exposure at current price levels.
"Bitcoin is consolidating above $100,000, and whales are accumulating," he summarized.
Attached charts show that the buying volume of two major trading categories typically associated with whale entities is increasing. The data also confirms that as of May 27, $112,000 is a key level attracting the highest sell order liquidity.
Bitcoin order book liquidity data and whale activity. Source: Material Indicators/X
Alan further analyzed that if sellers temporarily regain dominance, downward targets may include a return to the 21-week moving average, which is near the $94,000 mark.
"We are in a bull market, the trend is upward, but there is no straight-line increase in trading; 'only up, no down' is just a myth. More than seven consecutive green candles are extremely rare, and they are usually followed by a consolidation or correction phase," he said while interpreting the weekly chart. "If a correction occurs, I expect support to hold at the trend line, which currently resonates with the 21-week moving average."
BTC/USD weekly chart. Source: Cointelegraph/TradingView
Earlier, Cointelegraph reported a more severe Bitcoin price correction forecast, which could mean that the entire rebound since April will be retraced.
Meanwhile, a particular whale continues to publicly disclose its trading operations on social media, attracting widespread market attention.
James Wynn from the Hyperliquid platform has frequently made headlines for his large leveraged long and short Bitcoin positions.
His trading movements have also become market signals, as Wynn accused other market participants on the X platform of attempting to liquidate his positions through price manipulation.
According to the latest data from monitoring platform HyperDash, as of May 28, Wynn's newly established 40x leveraged long Bitcoin position has unrealized losses reaching $3.4 million.
Related: Bitcoin (BTC) profit-taking trend continues, but breaking $115,000 will liquidate $7 billion in short positions.
This article does not contain any investment advice or recommendations. Any investment and trading activities involve risks, and readers should conduct their own research before making decisions.
Original article: “Bitcoin Whales Keep Buying, BTC Price Dip Targets May Include $94,000”
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