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 see support only at $94,000 if a fresh BTC price correction ensues, new analysis says.

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

Bitcoin continues to track sideways within a $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 on its future trajectory, with large-volume traders adding to their BTC exposure at current levels.

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

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.

Continuing, 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. 

Earlier, Cointelegraph reported on a more drastic BTC price correction outlook, which could mean a retracement of the entire rebound that began in April.

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 made headlines by entering various long and short BTC positions involving large amounts of leverage.

His moves have 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.

They FORCED the $BTC price DOWN to $108,700 🚨

[‼️MY EXACT LIQUIDATION PRICE‼️]

LUCKILY I WAS NOT SLEEPING OR BUSY AS THEY WOULD HAVE SUCCEEDED 😱

I INSTANTLY SAW THE RAPID DUMPING AND WAS FORCED TO START SELLING OFF MY POSITION AS FAST AS I COULD TO LOWER MY LIQUIDATION… pic.twitter.com/lT7Sv38BGQ

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.