Bitcoin price experienced an 8% tumble on March 15, dropping from an all-time high of $73,805 to a weekly low of $66,786. Market data trends indicate that whale investors might trigger an early rebound in BTC price.

Following weeks of overheated bull trading, Bitcoin lost over $120 billion of its market capitalization on March 15. Despite this, institutional demand remains strong, raising the question of whether BTC price could rebound above $80,000 soon.

Reasons Behind Bitcoin’s Price Decline

The dip in Bitcoin price on March 15 seems to have been caused by overheated bull trading. Over the last 60 days, BTC price has surged by 75%, reaching an all-time high of $73,805 on March 15. During this period, traders took highly-leveraged positions to maximize gains.

Since the beginning of March, Bitcoin funding rates, which are perpetual futures contract fees paid by leveraged long traders, averaged 0.05%. The prolonged elevation of funding rates in BTC futures markets led to margin calls and significant liquidations, resulting in an 8% price drop on March 15.

At press time on March 15, over $122 million worth of BTC long contracts had been liquidated within the last 24 hours, leading to a significant single-day loss in Bitcoin price.

Bitcoin Whales Buying the Dip

Despite the recent price dip, institutional investors have continued to rapidly accumulate Bitcoin. Data from Santiment shows that whale wallets holding at least 10 BTC have increased their balances significantly.

At the start of March, Bitcoin whales held a total of 16.08 million BTC, which has now grown to 16.12 million BTC by March 15. This represents an acquisition of 40,000 BTC, valued at approximately $27 billion at current prices.

Bitcoin whales now control more than 83% of the total Bitcoin supply in circulation, indicating their strong bullish sentiment in the market.

Bitcoin Price Prediction and Analysis

Given the recent pullback from the $74,000 level, Bitcoin bulls could potentially aim for higher targets near $80,000 in the next rally. The current market data suggests that BTC maintains strong demand, increasing the likelihood of an early price rebound.

However, it is crucial for the bulls to prevent a downward movement below the $65,000 level. If BTC loses this support, it could trigger a wave of margin calls and liquidations, potentially leading to further price declines.

Overall, with institutional investors continuing to accumulate Bitcoin and maintaining bullish positions, there is a good chance for a price rebound in the near future.

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