Unfazed by the market crash, major Bitcoin whales are buying the dip
On Monday, these wallets that control at least 0.1% of the total supply scooped up a staggering $436 million worth of Bitcoin. The whales have probably followed the famous advice by legendary investor Warren Buffett to buy when there's blood in the streets. 'Rich Dad Poor Dad' Author: Hang On Tight As Bitcoin Enters ‘Banana Zone’
On June 24, the price of Bitcoin plunged to as low as $58,456 to the bearish news about the now-defunct cryptocurrency exchange Mt. Gox creditor repayments in July. , Bitcoin critic Peter Schiff recently predicted that the leading cryptocurrency would keep plunging after recording the lowest level in nearly two months.
Meanwhile, the cryptocurrency market succumbed to"fear," with the popular Fear & Greed Index showing the latest reading since last September. To top that off, the Relative Strength Index , a widely used momentum indicator, shows that Bitcoin is currently oversold on both daily and weekly charts. In fact, cryptocurrency traders have not seen such oversold conditions since Bitcoin was trading at only $26,000. All of the aforementioned factors suggested that the Bitcoin price was ready for a bounce, and some major whales probably felt compelled to buy more Bitcoin following the recent price correction.
If Bitcoin Plunges Below $57,000, Here Are 3 Possible Outcomes, Ethereum ETF Approval May Be Imminent as VanEck Steps in: Crypto News Digest by U.TodayIf Bitcoin Plunges Below $57,000, Here Are 3 Possible Outcomes, Ethereum ETF Approval May Be Imminent as VanEck Steps in: Crypto News Digest by U.Today
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