Whales Buying Bitcoin As Market Shows Signs of Rebounding

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Bitcoin whales are gobbling up BTC and filling their wallets as the market gives some indication of a potential rebound from its earlier price pullback.

According to a report by the Independent, new data shows Bitcoin whales are stocking up, leading analysts to speculate that another major price rally is “imminent.” Whale investors–those holding wallets with at least $50 million–have increased their holdings throughout June, July and the first half of August. 

The report claims the last time whale investors exhibited similar activity was in the run-up to Bitcoin’s last all-time price high of $64,000 in mid-April, leading many to suspect that another price surge is on the horizon. BTC’s price has managed to rebound to around $50,000 following its tumble in May, during which the price dipped below $30K. 

Alexandra Clark, a sales trader for UK digital asset broker GlobalBlock, told the Independent that Bitcoin was building support on technical charts:

“Bitcoin’s simple and exponential moving averages give strong buy signals… Not only that but MicroStrategy continues to grow its bitcoin portfolio – this support could stabilise the pullback and maintain the breakout move above $45,000.”

MicroStrategy has been one of the most ambitious and bullish purchasers of Bitcoin, acquiring more than 100,000 BTC worth roughly $3 billion. According to the report, the company acquired 3,900 BTC over the summer, contributing to the $10 billion in Bitcoin purchased by whale investors between late June and August. 

Daniela Hathorn, a market analyst for DailyFX, said Bitcoin would continue to exhibit a positive price-trend so long as it stayed above its 200-day moving average of $45,750. She said the key challenge for buyers looking ahead would be for Bitcoin to maintain its momentum along the way to $55,000. 

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

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