Whales have purchased 220K BTCs since the end of December

The pressure is intensifying, and Bitcoin is in danger of falling below this psychological mark again. Over the week, the capitalization of the leading digital currency increased by 17.5% to $836.867 billion.

The Santiment team drew attention to the increased activity of the largest whales holding more than a thousand bitcoins. Over the past seven weeks, these addresses have periodically bought drops.

In total, the whales have purchased 220,000 BTC since December 23rd. The researchers note that we are seeing the largest accumulation since the beginning of autumn 2019.

These investors can create the conditions for the rebound of the cryptocurrency in early February, according to the experts' report.

The WhaleMap team, which also studies the behavior of Bitcoin whales, believes that BTC falling below $42,000 in the current cycle is unlikely. A zone of strong support for cryptocurrencies has formed in this area.

However, a quick jump to $50,000 is also not yet possible.

Resistance will begin to pick up after reaching $46,000.

It will peak at around $49,000, and if the resistance is broken, then Bitcoin will have a real chance of rebounding above $50,000.