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The Bitcoin (BTC) community has said a big "no" to bears as they are striving for a big rally. While the leading cryptocurrency on the market is still under immense pressure from geopolitical tensions, it has managed to initiate a slight recovery from recent losses. Whales have also stopped to sit on the sidelines, as they have jumped on the BTC bandwagon.
Crypto tracking service Whale Alert has detected a massive Bitcoin purchase earlier today. They tweeted that a BTC whale has transferred 2,500 BTC from crypto exchange Bybit to their private wallet. These coins are estimated to be worth around $153 million, according to the Bitcoin price at the time of purchase.
Bitcoin whales typically buy coins from top trading platforms like Bybit and transfer them to their own wallets. They tend to hold the assets in massive amounts for a long term in their private wallets, hence, they are known as whales. This buying and holding behavior from these large investors is crucial as it injects bullish momentum onto the market.
Bitcoin price reaction
Today’s BTC purchase can trigger a broader buying trend, which can attract both retail and institutional investment to the coin. This potential buying spree at this time is imperative for the BTC price. It will give it a significant push, and Bitcoin can potentially ignite the much anticipated price rally. However, such rallies are often seen in a more broader picture.
Meanwhile, BTC is currently trading at $61,283 after a slight increase of 0.45% in the last 24 hours. The coin recently faced significant rejection from the $63,000 market yet again. The global political and economic situation is also not helping. However, whales are not losing hope, and their buying trend can finally give Bitcoin the push required to target the next highs.
Alex Dovbnya
Godfrey Benjamin
Dan Burgin
Vladislav Sopov