Bitcoin (BTC) traded in a narrow range on Friday, struggling to regain momentum despite a recent surge in market liquidity.
Notably, over the past three months, Bitcoin’s market value has fallen by roughly 20%, a decline that has rattled short-term traders even as large investors quietly expand their holdings.
Meanwhile, amid Bitcoin’s sharp pullback from recent highs, on-chain data shows that the market’s largest players remain undeterred.
According to popular analytics firm Santiment, the number of wallets holding at least 100 BTC has grown considerably during the recent market slide.
According to data from the firm, over the past three months, more than 750 new whale addresses have appeared, reflecting a roughly 3.9% rise in large-holder wallets.



 The firm pointed out that whale wallet growth occurred during a period when Bitcoin’s price declined by more than one-fifth. For analysts tracking on-chain activity, this divergence between price performance and whale accumulation is often interpreted as a bullish signal.
Santiment highlighted that the ongoing growth of large Bitcoin holdings counters the narrative that institutional and high-net-worth investors are fleeing the market. The data instead suggests that these key players may be strategically positioning themselves for a potential rebound once conditions stabilize.
Despite the accumulation trend, short-term volatility remains a dominant feature of the market. Over the past week alone, Bitcoin has slipped by around 1%, reflecting ongoing selling pressure across the broader cryptocurrency sector.
Additionally, popular market analyst Ali Charts highlighted a major support trendline that has reportedly guided Bitcoin’s market cycles for nearly a decade.
According to the analyst, this foundational support level has historically triggered explosive price movements after each successful retest.
He noted that previous touches of the trendline preceded major rallies, including the massive surge in 2017 and the sharp recovery following the 2020 pandemic-induced market crash. Similar rebounds were also observed after the 2018 bear market and the collapse of major crypto exchange FTX in 2022.
The analyst believes Bitcoin may once again be approaching this historically significant support zone, which currently sits between $56,000 and $ 60,000. If the level holds, it could provide a foundation for the next major bullish phase in the market cycle.
Furthermore, analyst Javon Marks pointed to a descending pennant formation developing on Bitcoin’s chart. According to him, a similar pattern emerged in 2022 just before Bitcoin reversed its trend and embarked on a powerful rally that ultimately pushed prices to new all-time highs.
Elsewhere, analyst Crypto Patel warned that Bitcoin’s recent breakout attempt has faltered, heightening the risk of further downside in the near term.
He noted that Bitcoin recently dropped more than 6% within 24 hours, falling below the $71,000 level amid heightened market tension ahead of key policy signals from the Federal Reserve.
The decline triggered a wave of liquidations across crypto derivatives markets, with roughly $381 million in leveraged positions wiped out during the sell-off.
According to the analyst, bears could attempt to push prices below the psychologically important $70,000 level if critical support zones fail to hold.
At press time, BTC was trading at $69,811, reflecting a 0.89% drop in the past 24 hours.
