As a researcher with a background in cryptocurrency markets and data analysis, I find the recent Bitcoin whale activity intriguing. Over the past week, we’ve seen significant price volatility, with BTC trading between $54,000 and $59,000. However, it is crucial to note that during this period, Bitcoin whales have been accumulating, adding 71,000 BTC to their wallets.
Bitcoin (BTC) large investors, or “whales,” have changed their market perspective during the recent price dip. Over the last week, Bitcoin’s price fluctuated between a high of $59,270 and a low of $54,430. In this period, whales identified an opportunity to purchase Bitcoin at lower prices, potentially setting the stage for an upcoming market recovery.
Bitcoin Whale Statistics
Based on recent data from crypto analysis platform IntoTheBlock (ITB), approximately 71,000 Bitcoins were purchased by large investors, or “whales,” over the last week. According to ITB’s findings, these acquisitions occurred during Germany’s Bitcoin selloff, allowing the whales to secure their purchases at a reduced price.
This week, Bitcoin large investors, referred to as “whales,” purchased approximately 71,000 Bitcoins. They took advantage of the recent price drop to expand their holdings.
— IntoTheBlock (@intotheblock) July 13, 2024
The data showed the whale transactions in the BTC network now comes in with a total volume of $41.32 billion. While the 24 hour rate of change in this metric has dropped by 8%, the weekly surge has remained intact. The week got overshadowed with the conversations around Bitcoin selloff by Germany.
On July 12th, the government successfully sold off its seized bitcoin stash, amounting to 50,000 coins, which was amassed earlier in the year. This event set off a significant market reaction, causing a wave of selling. However, the price held above the crucial $53,000 support level due to strategic actions taken by large-scale investors, referred to as “whales.” If these whales had not intervened with their discreet buying sprees, the downtrend could have intensified further.
After the intense selling of Bitcoin in Germany has ended, the price is now in a more hopeful stage of consolidation. Currently, the price is being traded at $58,665.10, representing a 0.77% increase over the past day. Over the previous week, there has been a notable rise of 1.42%, which is a positive indication of potential recovery.
BTC Price To $60,000?
To Bitcoin supporters, the moves of the “whales” signify trust and optimism towards the cryptocurrency’s future. Numerous factors exist in the market that could potentially push the price back up to $60,000.
Samson Mow and Joana Cotar propose that engaging in a conversation with Germany could potentially be beneficial for a strategic Bitcoin purchase. Additionally, an increase in investments into spot Bitcoin Exchange-Traded Funds (ETFs) might serve to absorb the large amount of Bitcoin that has recently entered the market.
Our objective is to ignite a Bitcoin price resurgence, initially aiming for $60,000, and ultimately striving for regaining the past record high (ATH).
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2024-07-13 21:52