- Bitcoin reclaimed the $70,000 level with a 3% gain in 24 hours amid easing geopolitical tensions, stabilizing sentiment across the cryptocurrency market.
- A major whale sold 75 WBTC worth $5.08 million to accumulate 2.07 billion $PUMP tokens valued at $4.04 million over three days.
- 11 newly created wallets withdrew 7.21 billion $PUMP tokens worth $14.56 million from major exchanges, indicating potential long-term accumulation.
- $PUMP's chart shows a double bottom pattern forming at $0.001680 support level, suggesting a potential bullish reversal with targets near $0.0034.
In a notable rebound amid easing fears surrounding the ongoing geopolitical tensions involving Iran, Bitcoin (BTC) has reclaimed the psychologically important $70,000 level, trading near $70K as of early March 10. The move marks a 3% gain over the past 24 hours, helping stabilize sentiment across the broader cryptocurrency market.
Following Bitcoin’s recovery, several altcoins have also returned to the green — including Pump.fun’s native token, $PUMP, which has recently drawn significant attention due to growing whale accumulation and a potentially bullish chart structure.
BTC Whale Shifting Into $PUMP
According to the latest report from blockchain analytics platform Lookonchain, a major whale identified as 24BLFj has been actively selling Bitcoin to accumulate $PUMP tokens.
Over the past three days, the whale reportedly sold 75 WBTC worth around $5.08 million through Wintermute and used the proceeds to purchase 2.07 billion $PUMP tokens valued at approximately $4.04 million, also via Wintermute.
This strategic shift from Bitcoin into a smaller-cap token suggests that some large investors may be positioning themselves ahead of a potential upside move in the Pump.fun ecosystem.
Adding to the bullish narrative, on March 6, blockchain data showed 11 newly created wallets withdrawing a combined 7.21 billion $PUMP tokens — worth roughly $14.56 million — from major centralized exchanges including OKX, Bybit, and Kraken.
Large withdrawals from exchanges often indicate that investors are moving tokens into private wallets, which can signal longer-term accumulation rather than immediate selling pressure.
Is a Price Surge Next?
From a technical perspective, $PUMP’s chart structure is beginning to show signs of a potential bullish reversal.
The daily chart reveals the formation of a double bottom pattern, a well-known technical setup that often signals the end of a downtrend and the beginning of a new upward move.
The first bottom formed in December 2025, when the price dropped to a key support zone near $0.001680. From that level, $PUMP staged a strong rebound, breaking above a descending resistance trendline and triggering a 76% rally that pushed the price toward the neckline resistance near $0.0034.
Now, the second bottom appears to be forming at the same $0.001680 support level after a broader correction from the early 2026 peak of around $0.00457.
Recent price action shows the token consolidating while pressing against a descending resistance trendline near $0.00203, suggesting that momentum may be building for another breakout attempt.
If the double bottom confirms with a decisive breakout above the resistance trendline, the price could replicate the earlier 76% rally, potentially sending $PUMP back toward the $0.0034 neckline resistance in the near term.
Overall, the technical setup — combined with increasing whale accumulation and significant exchange outflows — suggests that bullish momentum may be quietly building for $PUMP, making the coming weeks particularly important for the token’s price trajectory.
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