Bitcoin recovers price level of $ 22,000 after whales rush to buy dip ⋆ ZyCrypto
   
Bitcoin is back above $ 21,000 after falling below $ 20,000 for the first time since December 2020. The largest cryptocurrency by market value witnessed a huge drop in June as investors seemed to sell out to avoid further losses. The increase in sales pressure was attributed to Bitcoin whales rushing to buy dip, in the hope that a bullish momentum would follow.
Over the weekend, there was a record increase in Bitcoin outflows amounting to 30,000 BTC, translated to over $ 600 million. This was part of over 64,000 BTC moved out of crypto exchanges since June. Most of these coins are reported to have come from Coinbase Pro and are reportedly the most important transfer of Bitcoins in the last 35 days. Other exchanges have also witnessed major Bitcoin acquisitions from whales that appeared to “make hay while the sun shone.”
During the reported period, large amounts of BTC were transferred from crypto exchanges. This consistency in large Bitcoin outflows indicated that large companies and investors were confident of impending bullish momentum.
Over the past 24 hours, Bitcoin’s liquidity has fallen by more than $ 70 million, indicating massive acquisitions of Bitcoin whales. This shows high investor sentiment in Bitcoin from institutions and whales. However, investor sentiment in Bitcoin retail fell sharply with the fall in Bitcoin prices, with such investors gripped by uncertainty.
According to Ki Young Ju, CEO of the chain analysis platform CryptoQuant, institutional trading may affect Bitcoin prices and general market sentiment again.
Just last week, it was reported that 16 new whales had joined the Bitcoin network and bought out Bitcoin worth close to $ 100 million, which contributed to the increase in buying pressure and the decline in the price of Bitcoin.
However, Bitcoin’s downward rally is not isolated. Other altcoins suffered a similar fate, with Ethereum also falling below the psychological price tag of $ 1000. Most of the charts were also painted red during the week before they started on a weak bullish momentum.
At the time of the press, however, most coins showed green and had regained the upswing. Ethereum has regained the $ 1200 mark, BTC is back at over $ 21k, and BNB is well over $ 240. This is good news for both small and large Bitcoin investors while we wait to see how altcoins perform in the near future.
