Bitcoin BTC has continued its recovery after adding 3.5% to its value in the last 24 hours, supported by renewed buying interest near its 200-day Exponential Moving Average (EMA).
The rebound comes as cryptocurrency markets attempt to recover from the sell-off triggered by the $6.3 billion Binance security breach.
Although institutional sentiment remains weak, on-chain data suggests that large Bitcoin holders have been taking advantage of lower prices to increase their holdings.
According to Santiment, wallets holding between 1 and 100,000 BTC accumulated approximately 60,000 Bitcoins during October, representing an estimated $4.8 billion in additional holdings.
However, the recovery faces an important technical challenge near $82,000, where sellers could attempt to regain control.
Bitcoin whales accumulate $4.8B despite market weakness
Bitcoin’s recent decline appears to have created an accumulation opportunity for some large holders.
According to Santiment data , wallets containing between 1 and 100,000 BTC collectively increased their balances by approximately 60,000 BTC in October.
At an estimated Bitcoin price of $80,000, the additional holdings were worth around $4.8 billion.
The strongest accumulation came from wallets holding between 100 and 1,000 BTC. This group added approximately 40,000 BTC during the month, accounting for about two-thirds of the total increase recorded across the broader wallet cohort.
The figures suggest that large holders were increasing their exposure while Bitcoin struggled to maintain upward momentum.
While large Bitcoin wallets increased their holdings, US spot Bitcoin exchange-traded funds (ETFs) experienced substantial investor withdrawals.
According to SoSoValue data, the products recorded approximately $515 million in net outflows during October.
The weakness continued through the first two trading days of November. However, the outflow streak was broken on Wednesday after spot Bitcoin ETFs recorded an inflow of $74.57 million .
Bitcoin technical forecast: Bulls face resistance around $82,000
Bitcoin’s daily chart is beginning to show signs of improving momentum after the cryptocurrency successfully tested its 200-day EMA twice during the latest correction.
The 200-day EMA is a widely followed technical indicator used to assess longer-term price trends. A sustained move below it, however, can indicate increasing downside pressure.
During the recent pullback, Bitcoin approached the indicator on two occasions and attracted buying interest.
The latest rebound appears stronger, suggesting that demand around the moving average may be improving.
Bitcoin must also overcome nearby resistance levels and establish a pattern of higher prices to demonstrate that buyers have regained control.
The immediate resistance area sits near $81,890. A decisive move above this level would strengthen the case for a more sustained recovery.
Momentum indicators are beginning to reflect the improvement in Bitcoin’s price action. The Relative Strength Index (RSI) has moved above its signal line, an early indication that bearish momentum may be weakening.
A breakout above $82,000, accompanied by improving momentum, would provide a more convincing indication that the recovery is gaining strength.
Until that happens, the latest RSI development should be viewed as an encouraging but preliminary signal.
The $81,890 resistance level remains the most important near-term obstacle for Bitcoin buyers.
A decisive daily close above this area would suggest that the cryptocurrency is extending its recent gains and could encourage additional buying interest.
However, failure to clear this resistance could leave Bitcoin vulnerable to another round of selling. If sellers regain control, the market could revisit $79,000 support, with the 200-day EMA also another demand zone.
The $75,000 psychological threshold represents an important downside area. A sustained break below that level would weaken the recovery outlook and increase the risk of further losses.
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