Whales Accumulate Through The Dip As Bitcoin Repositions To $40K!
Volatility remains one of the characteristics of Bitcoin that could easily change the holding stance of investors. To some, a downward movement will mark their period of massive accumulation and expansion of their holdings. On the other hand, some will suffer considerable losses through a dip.
Bitcoin has been on a dipping move as it gets to its monthly low of $39,000 within some days of hitting the $40,000 mark. Though many people had expected that the BTC price would show some bearish trend for a few days, the events have proved the contrary.
Bitcoin has gradually taken a downward tour by going into a 37K – 40K region. This recent dip has given some whales the opportunity of making massive purchases of the token.
A technical analyst, Minkyu Woo, stated that a significant coin volume was moved out through spot exchanges during the Bitcoin sell-off.
He mentioned the possibility of whales buying a considerable amount of BTC since the outflow size could only proceed through the check for spot exchanges’ top 10 BTC outflows.
According to Woo, the 37K – 40K mark stands as the BTC price range in the crypto’s critical accumulating phase. This move has long begun in March 2022. Also, Woo advised investors to keep their holdings or purchase more of the dips if possible.