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Tuesday, June 28, 2022

Bitcoin Whales Keep Buying Despite Possibility Of Price Sinking Under $40K

Among others, Bitfinex heavyweights have been taking full advantage of the dropping Bitcoin prices. They have been filling their bags with BTC. 

BTC bulls failed to make a comeback towards the end of this week. BTC was driving up to $42,000 as of 9th April. 

Bitcoin Red Candle For The Week Is At 10% Line Up 

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According to the reports of TradingView and Cointelegraph Markets Pro, BTC/USD is gradually deteriorating existing support levels for many weeks. This was noticed at the beginning of the weekend. 

There were several tests at $43,000. This level ultimately hit a low at $43,131 which was the lowest after 23rd March. 

There is a hope among bulls to save themselves with the help of cross-crypto liquidations worth $200 million within 24 hours till writing time on Saturday. This was reported by Coinglass. 

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The short-term perspective among traders was bearish in nature. Crypto Ed, the popular commentator, eyed the $40,000 retest and gave a warning of pushing the test further by Bitcoin. 

The commentator also tweeted that reclamation of 44K is needed and 45k or 46K will be better to avoid the downside. Another chart indeed revealed a downtrend till $40K and $37,500. 

Jan Happel and Yan Allenmann, co-founders of Glassnode, emphasized the volatility due to the low market volumes during the weekend. 

Nonetheless, BTC weekly candle was almost at $5,000 as compared to losses that are 10%. 

Bitfinex Whales Keep Buying 

Despite the downtrend, many are still buying. 

The latest data suggests that Bitcoin whales have been stocking new supply sold in the market. Bitfinex witnessed considerable volumes being bought in exchange. Cointelegraph earlier reported the importance of Bitfinex whales that has great value owing to their selling and buying habits. 

Some unknown wallet has also been buying a huge amount of Bitcoin despite price action.

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