Bitcoin (BTC USD) Concludes The Week In The Red But Is A Recovery In Sight?

The Bitcoin (BTC USD) price just concluded yet another bearish week, marking a hat trick of bearish dominance.

This sustained sell pressure saw the price briefly drop below $107,000, and many wondered whether the bulls were ready to regain control.

Bitcoin price hovered above $108,500 at press time, which was equivalent to a 12% pullback from its historic top earlier this month.

The bullish sentiment that previously prevailed in the last few months underscored heavy accumulation during pullbacks.

The accumulation trend was still active. According to CryptoQuant, accumulator addresses have been aggressively buying BTC during the latest dip.

Moreover, their latest wave of accumulation was the biggest one yet.

The wave of accumulation from these addresses was significant because they have historically backed significant upside. But will this new spike signal an upcoming Bitcoin price recovery?

Bitcoin Price (BTC USD) Retests Support Near $108,000

The accumulator addresses timing coincided with a retest of a key Bitcoin (BTC USD) level near $108,000. This was important because the price previously experienced resistance at the same level.

The retest underscored the potential that the same level that acted as resistance might now switch to support.

Bitcoin has previously found support at levels that previously acted as resistance zones, as seen in the chart below.

The same trend also underlined a ladder formation in Bitcoin price action. The $108,000 support level coincided with the start of a new week and month, hence the supply and demand dynamics might shift during the weekend.

The bears may extend their reign and push towards the next support level near $99,000 if BTC fails to achieve significant demand.

The risk of further capitulation remained active, especially as market sentiment slid from neutral to fear over the last 24 hours.

The declining sentiment meant investors were more likely to sell. This may create an opportunity for whales and institutions to buy back at discounted prices.

This might be the reason why whales and investors have been holding back compared to previous periods of aggressive buying.

However, the long-term accumulator activity suggests that demand may be making a comeback.

Can Bitcoin Secure Enough Demand for a Comeback This Week?

Whether Bitcoin (BTC USD) will extend its decline or pivot in favor of the bulls in the first week of December remained a mystery.

However, there were some other signs aside from the accumulator address that signaled that demand was attempting a comeback.

For instance, BTC spot inflows amounted to $123 million in the last 24 hours. A noteworthy pivot from $365 million in spot inflows observed on Friday.

OKX registered over $15 million worth of BTC buys in the last 24 hours while Coinbase whales acquired about $1.1 million worth.  About $26 million worth of liquidity exited Bitcoin in the last 24 hours.

However, perpetuals data revealed that whales were optimistic about bullish prospects. Binance and OKX whales executed about $926 million worth of derivatives buys in the last 24 hours.

Large order flow data revealed that whales were buying the dip. However, whale addresses on Binance continued contributing to the sell pressure.

In summary, sustained sell pressure threatened to push Bitcoin (BTC USD) lower, possibly towards the $100,000 price level.

However, the recent dip also triggered more BTC acquisitions, especially from the whale cohort.

Institutional flows could shape the narrative in the coming week and determine whether a strong comeback was on the cards.