Bitcoin whales keep buying as BTC price dip targets include $94K

Key points:

• Bitcoin whales are adding to their BTC positions while price ranges below all-time highs.
• If a new market correction comes, one potential bounce level lies in the mid-$90,000 zone.
• Hyperliquid trader James Wynn hints at large-volume traders shaping low-timeframe price performance.

Bitcoin (BTC) may only see support at $94,000 if a fresh BTC price correction ensues, new analysis says this week.

In its latest X commentary, Keith Alan, cofounder of trading resource Material Indicators, pointed to a Bitcoin bounce zone at the 21-week moving average.

Bitcoin whales jump in amid “consolidating” price

Bitcoin continues to track sideways within a roughly $5,000 range after hitting all-time highs of $112,000, data from Cointelegraph Markets Pro and TradingView shows.

For Alan, the market is giving off positive signals over future trajectory, with large-volume traders adding to their BTC exposure at current levels.

“BTC is consolidating above $100k and whales are accumulating,” he summarized.

An accompanying chart showed increasing buy volume involving the two largest transaction classes typically associated with whale entities. It additionally confirmed $112,000 as the level attracting the highest ask liquidity as of May 27.

Bitcoin order book liquidity data with whale activity. Source: Material Indicators/XContinuing, Alan suggested that if sellers temporarily regain control, a downside target could involve a revisit of the 21-week moving average at around $94,000.

“We are in a bull market and the trend is up, but there are no straight lines in trading and ‘up only’ is a myth. 7+ Consecutive green candles are rare, and often followed by periods of consolidation or correction,” he wrote, referring to the weekly chart

“If a correction comes, I expect support to hold at the trend line which currently has confluence with the 21-Week Moving Average.”

BTC/USD 1-week chart. Source: Cointelegraph/TradingViewEarlier, Cointelegraph reported on a more drastic BTC price correction outlook which could mean a retracement of the entire rebound that began in April.

BTC liquidity games continue

Meanwhile, one whale in particular continues to actively broadcast his trades on social media, garnering considerable attention in the process.

Related: BTC price seeks $155K 'trigger' — 5 things to know in Bitcoin this week

Hyperliquid’s James Wynn has made headlines by entering various long and short BTC positions involving large amounts of leverage.

His moves have in turn become a market signal of their own, with Wynn taking to X to accuse other market participants of attempting to liquidate him by manipulating price action.

The latest data from monitoring resource HyperDash shows Wynn’s latest 40X leveraged long BTC position at an unrealized loss of $3.4 million as of May 28.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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• #Bitcoin Price
• #Markets
• #Market Analysis
• #Whale Add reaction