Bitcoin Price Retains $22,000 After Whales Scramble To Buy The Dip

Bitcoin has recovered from a drop below $20,000 for the first time since December 2020. 

Bitcoin, the largest cryptocurrency by market cap had a massive drop in June as investors sought to liquidate to avoid more losses. The spike in selling pressure was attributed to whales who rushed to buy the dip in the hopes of gaining positive momentum.

Over the weekend, BTC outflows reached a new high of 30,000 BTC, equivalent to more than $600 million. Over 64,000 BTC have been removed from crypto exchanges since June. The majority of these coins are said to have come via Coinbase Pro, and this is the largest Bitcoin transfer in the recent 35 days. Other exchanges have seen huge Bitcoin buyouts by whales looking to “make hay while the sun shone.”

Large quantities of BTC were transferred from crypto exchanges throughout the reported period. Significant Bitcoin outflows were consistent, indicating that large firms and investors were confident of a coming upward trend.

Bitcoin’s liquidity has plummeted by more than $70 million in the previous 24 hours, signaling large buyouts by BTC whales. This demonstrates strong institutional and whale investor interest in Bitcoin. However, with the collapse in the coin prices, investor sentiments in the retail trading of Bitcoin fell significantly, with such investors plagued by concerns.

According to Ki Young Ju, CEO of on-chain analytics firm CryptoQuant, institutional trade might once again affect the flagship crypto’s pricing and market sentiment.

It was reported last week that 16 new whales had joined the BTC network and purchased about $100 million in Bitcoin, contributing to an increase in buying pressure and a downward rally in the price of BTC.

However, the flagship crypto’s downward rise is not unique. Other altcoins followed suit, with Ethereum also falling below its psychological threshold of $1,000. Throughout the week, most charts were likewise painted red before commencing on a minor bullish momentum.

However, as of press time, most coins were showing green and had resumed their upward trend. Ethereum has recaptured $1,200, BTC is back above $21,000, and BNB is well above $240.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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