The crypto market witnessed significant whale activity as a well-known Bitcoin whale, often referred to as “Spoofy,” made a substantial purchase amid the latest market dip. This large-scale trader, who has historically influenced Bitcoin’s price movements through strategic accumulation and sell-offs, added 4,000 BTC to his holdings during the recent downturn.
Bitcoin Whale’s Historical Buying Patterns
Over the years, Spoofy has demonstrated a pattern of acquiring Bitcoin at lower price levels before strategically offloading assets at higher valuations. In 2022, following the collapse of LUNA and FTX, he accumulated 70,000 BTC at prices ranging between $16,000 and $40,000. As the market recovered, he gradually sold these holdings when Bitcoin traded between $40,000 and $70,000.
Whale ‘Spoofy’ buys $344M #BTC as price dips#Bitcoin whale Spoofy accumulated 4,000 BTC ($344M) between $82K–$85K. Known for buying crashes, he previously grabbed 70K BTC in 2022 and sold at $108K. Meanwhile, new investors panic-sold, losing over $2.16B. pic.twitter.com/iWZNY8wjz1
— Bitcoin info (@Btc_i1) February 27, 2025
In 2024, Spoofy once again entered the market aggressively, securing 24,000 BTC before liquidating portions of his position as Bitcoin surged between $70,000 and $108,000. The latest 4,000 BTC acquisition represents approximately one-sixth of his previous holdings this year, signaling renewed confidence in the asset at its current price levels.
BTC Price Action & Key Resistance Levels
Following Bitcoin’s recent decline to a local bottom of $82,133, buying pressure has helped stabilize prices, prompting a modest rebound. On the one-hour chart, short-term support is observed within the $84,000–$85,000 range. A successful hold of this level could lead to an upward push toward $88,000. However, strong resistance remains at $86,000, which continues to cap Bitcoin’s recovery. A failure to sustain support in this range may increase the likelihood of a retest of $82,000, reinforcing bearish sentiment.
On the four-hour timeframe, Bitcoin’s short-term trend remains bearish, though accumulating buy orders suggest investors are taking advantage of the lower prices. Increased volume during upward price movements indicates that traders are stepping in at discounted levels. However, the $86,000–$88,000 resistance range remains a significant hurdle. A breakout beyond this region could open the door for a move toward $90,000, but failure to overcome this zone may result in another downward move toward $82,000 or lower.
The daily chart reflects continued downward momentum, with increasing sell volume contributing to bearish market sentiment. Major resistance sits at $109,356, while immediate support is near $82,133. For Bitcoin to shift away from its current downtrend, reclaiming the $90,000 level is critical. If the price fails to hold above key support zones, further declines toward $78,000 or even $75,000 may follow.
Also Read: Bitcoin Crashes Into Extreme Fear at 10 – Has the Market Bottomed?
