The Bitcoin price has dropped below the $100,000 psychological level and is now holding between the $96,000 and $98,000 range. Crypto analyst Ali Martinez provided insights into why Bitcoin could be holding well within this range. 

Why The Bitcoin Price Is Holding Steady Between $96,000 And $98,000

In an X post, Ali Martinez noted that one of the most important support levels for the Bitcoin price is between $98,830 and $95,830, where 1.09 wallets bought over 1.16 million BTC. This explains why Bitcoin is holding steady between $96,000 and $98,000 as investors who bought between this level continue to provide huge support for the flagship crypto. 

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As Martinez suggested, it is important for these holders to continue to hold steady as a wave of sell-offs could send the Bitcoin price tumbling even below $90,000. The flagship crypto dropped below $100,000 following the Federal Reserve Jerome Powell’s recent speech, in which he hinted at a hawkish stance from the US Central Bank. 

This sparked a massive wave of sell-offs, as a Hawkish Fed paints a bearish picture for risk assets like Bitcoin. However, despite the Bitcoin price drop below, most Bitcoin holders remain in profit, which is a positive for the flagship crypto. IntoTheBlock data shows that 86% of Bitcoin holders are in the money, 4% are out of the money, and 9% are at the money.

These Bitcoin holders still seem bullish on the leading crypto as they continue to accumulate more BTC. In an X post, Ali Martinez stated that so far in December, 74,052 BTC have been withdrawn from exchanges, and this trend doesn’t seem to be slowing down. 

Traders Anticipate A Bullish Reversal 

Ali Martinez suggested that crypto traders anticipate a bullish reversal for the Bitcoin price from its current level. This came as he revealed that traders on Binance nailed the top, with 62.17% shorting Bitcoin while it was trading at $108,000. Now, Martinez stated that sentiment has flipped, with 55.44% of these trading now longing dips below $96,000. 

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Meanwhile, it is crucial for the Bitcoin price to hold this $96,000, as Martinez warned that if BTC loses this support, it could drop below $90,000. The analyst stated that based on the Fibonacci level, if Bitcoin loses $96,000, the next point of focus becomes $90,000 and $85,000. Meanwhile, from a bullish perspective, crypto analyst Justin Bennett suggested that the $110,000 target is still in focus for the Bitcoin price.  

At the time of writing, the Bitcoin price is trading at around $97,000, down over 3% in the last 24 hours, according to data from CoinMarketCap. 

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The Ethereum price could face some turbulence, as Justin Sun, the founder of Tron (TRX), has unstaked a whopping $209 million from Lido Finance, a liquid decentralized staking platform for Ethereum. Compared to top cryptocurrencies like Bitcoin (BTC) and Dogecoin (DOGE), the Ethereum price has had a relatively muted performance, skyrocketing to $4,000 before consolidating and struggling to move higher. With the possibility of more sell-offs, Ethereum could see its price crashing down if Sun decides to dump more coins. 

Justin Sun Dumps ETH

New reports from Spot On Chain, an AI-driven crypto platform, revealed that Sun recently applied to withdraw a staggering 52,905 ETH tokens worth about $209 million from Lido Finance. According to the on-chain data, this massive withdrawal was part of the ETH stash Sun allegedly accumulated between February and August 2024.

Spot On Chain has revealed that the total amount of Ethereum Sun bought within this period amounted to 392,474 ETH tokens, valued at $1.19 billion. All of these tokens were purchased via three wallet addresses at an average price of $3,027. Presently, the total profit the Tron founder has acquired since his purchase is up to $349 million, representing a 29% increase from its purchasing price. 

Interestingly, on October 24, Sun had unstaked a massive 80,251 ETH tokens, worth over $131 million, from Lido Finance. Four days later, he transferred the entire amount to Binance, the world’s largest crypto exchange. This notable move took place just before the price of Ethereum had dropped sharply by 5% in mid-October, which could have resulted in a loss for Sun.

Unsurprisingly, this is not the first time Sun has dumped Ethereum. Spot On Chain revealed earlier this month that the Tron Founder had been cashing in his Ethereum holdings during the market rally. 

In November, Sun deposited 19,000 ETH worth $60.83 million to HTX, a crypto exchange. Additionally, he transferred 29,920 ETH valued at $119.7 million to HTX again after its price surpassed $4,000 over the past week. These are just a few transactions the Tron founder has made with ETH over the past month.

Given Sun’s history of large-scale asset movements, further sell-offs could impact the already fragile Ethereum market. Nevertheless, the lingering question remains whether the Tron founder will continue his Ethereum dumping spree.

Ethereum Price Crash Ahead?

While Sun has not publicly commented on his recent large-scale Ethereum withdrawals, the size and timing of these transactions could pose a problem for the altcoin’s future trajectory. Historically, large ETH liquidations have triggered a price crash due to increasing selling pressures.

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With the price of Ethereum still unstable and aiming for a stronger upward rally, further large-scale ETH dumps could exacerbate market volatility, especially if other investors or whales follow suit. For now, the price of Ethereum seems to be performing well, recording a more than 7% increase in the last seven days and a 28% surge over the past month, according to CoinMarketCap.

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The PEPE price recently reached a new all-time high (ATH) of $0.00002716, becoming the first major meme cryptocurrency to do so in the ongoing bull cycle. This rally to a new PEPE all-time high was driven by increased whale activity and accumulation.

Whale Accumulation Fuels PEPE’s Bullish Momentum

Data shared by crypto analyst Ali Martinez on social media platform X highlights that PEPE whales recently added $1.14 billion in PEPE to their holdings, pushing the total whale-controlled amount to $7.56 billion. This plays into a bullish run over the weekend, which saw PEPE’s market cap surpass $10 billion for the first time. At the time of writing, PEPE has a market cap of about $11.17 billion, meaning this holder cohort now controls about 67% of the total market cap.

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Interestingly, on-chain data shows the surge in whale accumulation didn’t just start yesterday. IntoTheBlock’s Balance By Holdings In USD metric shows a 30-day increase of 147.81% in the holdings of addresses holding more than $10 million worth of PEPE tokens. These large holders have been on an accumulation trend, with a massive $1.14 billion purchase coming in on December 7 alone. 

Other holder cohorts have also significantly expanded their positions over the past month. Addresses holding between $1 million and $10 million worth of PEPE recorded a 119% increase in their holdings during this period, while those holding between $100,000 and $1 million saw a 108% rise. Mid-tier investors with holdings between $10,000 and $100,000 registered an 84.25% growth in their balances, while even smaller holders with $1,000 to $10,000 worth of PEPE saw their holdings increase by 55.29%.

This increase in accumulation from all cohorts has increased the buying pressure on PEPE, which in turn has allowed the meme cryptocurrency to surge in value by 150% in the past 30 days.

Exchange Listings And Accessibility Boost PEPE’s Popularity

Another notable driver behind PEPE’s record-breaking performance is its growing accessibility after listing on major crypto exchanges. PEPE has been added to crypto exchanges like Coinbase, Robinhood, and Binance US in the past few days, which has significantly increased its exposure to retail and institutional investors in the US These listings have made it easier for a broader audience to trade and invest in the meme cryptocurrency.

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The impact of these listings has been profound, especially as the industry is currently in a bull phase. At the time of writing, PEPE is trading at $0.00002616, representing a 3.5% increase in the past 24 hours. PEPE’s bullish trajectory appears set to extend further as whale and retail accumulation continues.

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