Bitcoins price recovered from a massive drop to a four-month low earlier this week and sits about seven grand higher now.

Analysts believe that it could continue climbing and reach $90,000 as long as it remains above the $84,000 support level, which is being tested now.

Whales Buying, BTC Rising

Large BTC wallets, typically referred to as whales or sharks, are crucial to the assets price movements due to their ability to purchase or offload massive portions in a rather short timeframe that could impact the entire market.

After months of accumulating before and during the run toward $110,000, they changed their stance in early February following Trumps tariffs against several countries. Inevitably, BTCs price tumbled, and its most recent bottom came earlier this week with a drop below $77,000 a four-month low.

During this correction, though, whales and sharks reversed their strategy once again and began accumulating more of the asset. The last few days of the business week saw another buying spree, with more than 20,000 BTC going into their wallets, according to Ali Martinez, who cited data from Santiment. In terms of USD value, this stash is worth close to $1.7 billion.

Whales have bought over 20,000 #Bitcoin $BTC in the last 48 hours! pic.twitter.com/5e6eLvYEiN

The popular analyst told his 130,000 followers on X that bitcoin could surge to $90,000 as long as the $84,000 support, which is being tested as of press time, holds.

Leveraged Run?

Although whales purchasing substantial portions of BTC within a few days could indeed impact bitcoins price, as well as the entire market, which has jumped since Thursday, CryptoQuants Maartunn outlined another possible reason behind the relief rally.

He noted that the Bitcoin Open Interest had increased by about 13% from the recent lows and is close to $28 billion now. Consequently, he warned that this surge could be driven by a large number of leveraged positions, which is a double-edged sword. In case of a rapid BTC price crash, those leveraged longs could result in a massive liquidation cascade, as we have witnessed on a few occasions since the February correction.

Leverage Driven Pump!

Bitcoin Open Interest rises to $27.9 billion, marking a $3.3 billion (+13%) increase from its recent low. pic.twitter.com/e2nAisQ132