According to cryptocurrency analysis platform IntoTheBlock, the largest Bitcoin wallets have Recorded the largest amount of net inflows after the cryptocurrency market crash.
According to cryptocurrency analysis platform IntoTheBlock, the largest Bitcoin wallets have Recorded the largest amount of net inflows after the cryptocurrency market crash.
On Monday, these wallets that control at least 0.1% of the total supply earned a staggering $436 million worth of Bitcoin.
bitcoin slaughter
Whales have probably followed legendary investor Warren Buffett’s famous advice to buy when there is blood in the streets.
On June 24, the price of Bitcoin plummeted to $58,456 on bearish news regarding payments to creditors of the now-defunct cryptocurrency exchange Mt. Gox in July.
Alex DovbnyaAs reported by U.TodayBitcoin critic Peter Schiff recently predicted that the leading cryptocurrency would continue to fall after recording the lowest level in almost two months.
Meanwhile, the cryptocurrency market succumbed to “fear,” with the popular Fear and Greed Index showing its latest reading since last September.
To top it off, the Relative Strength Index (RSI), a widely used momentum indicator, shows that Bitcoin is currently oversold on the daily and weekly charts. In fact, cryptocurrency traders have not seen such oversold conditions since Bitcoin was trading at just $26,000.
A demonstration of help?
All of the above-mentioned factors suggested that the Bitcoin price was ready for a rally, and some major whales likely felt compelled to buy more Bitcoin following the recent price correction.
Yuri MolchanEarlier this Tuesday, Bitcoin price managed to recover to the $62,004 level, adding more than 2.2%.
According to pseudonymous cryptocurrency trader Rekt Capital, the flagship cryptocurrency has successfully achieved hold key support at $60,600, which is the low of the current range. The chartist believes that Bitcoin price will be able to revisit the top of the current range if it remains relatively stable.
The merchant James Stanley has also identified the $60,000 level as the key support level that Bitcoin bulls have managed to hold.
