WIF Price Analysis: As Bitcoin Drops Below $63000, Will the Comeback of Whales Push WIF Price Above $2?

As Bitcoin drops below $63,000, the broader market recovery takes a sharp blow at the start of the week. Amid the increased supply, WIF price action reveals a pullback

As Bitcoin drops below $63,000, the broader market encountered a sharp blow at the start of the week. Amid the increasing supply, WIF price action reveals a pullback, hampering the recovery run.

The dog meme coin prices slipped after a brief recovery. However not all is lost, as whales have been actively accumulating WIF tokens. The largest holder purchased 800,556 WIF tokens at $1.92 each, as the market dropped 8.69%. This whale now holds 28 million WIF tokens valued at $53.23 million, with a profit exceeding $75 million.

Moreover, another whale deposited $1.25 million in WIF on MarginFi, borrowing 197,000 USDC and buying 110,000 more WIF tokens, holding a leveraged position. This whale currently owns 3.3 million WIF tokens worth $5.95 million.

With whales’ increasing confidence, the chances of a bullish reversal in the WIF price trend also increase. If the price surges above the 50% level at $1.79, the next resistances are at $2 and $2.34. Conversely, a drop under $1.60 will test the $1.39 mark.

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