Bitcoin touches $28,000 as whales, long-term holders ramp up accumulation

Bitcoin experienced a fleeting spike in the early morning hours on Monday, May 29, briefly surpassing the $28,000 resistance level after spending the better part of May relatively flat. The buying pressure dwindled over the preceding weekend, with Bitcoin stabilizing at $28,800.

Bitcoin’s weekend volatility left most of the market unfazed, with whales and long-term holders ramping up accumulation. The two cohorts, believed by many to be one of the leading drivers of market sentiment, have been committed to accumulation throughout May but have used Bitcoin’s weekend volatility to increase their holdings.