Bitcoin Whales Scoop 5,900 BTC In Recent Correction, Recovery Expected Soon?
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Bitcoin (BTC) experienced a price drop to $66,500 after facing rejection at $70,000 levels. Despite this, Bitcoin whales seized the moment to acquire a substantial 5,900 BTC, valued at an impressive $397 million. This significant purchase activity on centralized exchanges (CEXs) suggests that whales are optimistic about an imminent price recovery.
This behavior by Bitcoin whales reflects their strategic approach during market corrections, where they capitalize on lower prices to increase their holdings. Such actions often indicate a strong belief in Bitcoin's long-term potential and can sometimes precede a market rebound.
The acquisition by whales of such a large amount of BTC during this correction could be seen as a bullish signal, promoting confidence among other investors and potentially driving a recovery in Bitcoin prices soon.
Source: coingape.com ↗
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