Wednesday, November 30, 2022

Bitcoin (BTC) Price Dip Attracts Top Whales, What Does It Mean?

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The Bitcoin (BTC) price dropped to its monthly lowest price of $38,725 on April 18 due to capitulation across the crypto market. However, whales and institutional investors have taken the opportunity to ‘buy the dip.’

The third-largest Bitcoin whale has been on an accumulation spree in the last 7 days, buying 2,822 BTC worth over $117 million.

Bitcoin (BTC) Whales Sees Bullish Momentum

Bitcoin whales have started accumulating BTC near $40k levels as the price stabilized in the last two days. Also, the third-largest Bitcoin whale has been accumulating Bitcoin continuously in April. The third-largest whale had bought 2822 BTC in the last seven days, and more than 6300 BTC in April alone.

Moreover, other whales have also accumulated more BTC to capitalize on the dip on Monday. Recently, a whale bought 4499 BTC worth 186 million. Another whale bought 500 BTC worth $20.65 million, according to Whale Alert.

The social sentiment on Bitcoin (BTC) has turned positive as traders and whales believe BTC prices will see bullish momentum from the current levels. With Bitcoin price becoming stable at around $41k in the last two days, analysts expect a rally in the upcoming days.

PlanB also asserts that the Bitcoin price could bounce higher from here as the realized price reaches near the 200-week moving average. Historically, the prices had rebounded higher from the 200-week moving average.

As per data from on-chain analytics platform Santiment, the crypto community on Discord, Twitter, Telegram, and Reddit channels is positive on bullish momentum in the crypto market as words like ‘pump’ and ‘bullish’ become more dominant.

Bitcoin (BTC) Price Awaits Bullish Rally

Bitcoin price has been gaining momentum as adoption grows worldwide. With whales and analysts being optimistic about Bitcoin (BTC) in the next few days, the price has also jumped significantly in a couple of days.

According to CoinMarketCap, the Bitcoin (BTC) price is up nearly 0.25% in the last 24 hours, with the current price trading at $41,539. The Bitcoin price is stable and moving sideways presently.

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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