There is a lot of fish in the crypto sea. The little ones [retail investors] are many; however, the giant whales [institutional investors and crypto whales] are the ones that dominate the sector. ace bitcoin [BTC] failing to create strong support at $20K, small fish have exited the market. On the other hand, whales have pocketed BTC while it is cheap. Microstrategy and El Salvador have expanded their interests in recent days. In the midst of this, an anonymous whale made an elaborate purchase.
TokenView revealed that the third largest Bitcoin whale had bought more than 1,000 BTC in the past two days. The whale ended June buying 815 BTC and started July with 601 BTC.
After this move, the whale took 132.003.54 Bitcoin in its address, worth $2.5 billion.
The previously seen whale and the purchase of El Salvador seemed to have temporarily increased the price of the king’s coin. The chart below clearly shows a prominent spike in the price of Bitcoin earlier today, and it was right around the time the above entities gave their money to BTC.
Unfortunately, this spike didn’t last very long, and the asset didn’t get a good support and slipped back below $20K. During pre-time, the king’s coin was trading as low as $19,128 with a graceful price of 0.51 percent.
Bitcoin dump arrived?
The recent pump that Bitcoin acquired did not last long. The whale move could have affected the price of the king’s coin, but the effect didn’t last. Therefore, a potential dump wouldn’t do much for Bitcoin’s cost.
Even if there is a dump, this is where BTC is expected to go.
The last time Bitcoin was at its current level was towards the end of 2020. During this time, the king’s coin gained prominent support at $18,757. With BTC reflecting a similar trend, a possible dump would push BTC to this level.
If selling pressure builds further, the king coin could stop at $17,658, another support level. However, anything below that would lead to $10K.
As can be seen from the chart, Bitcoin would have a hard time getting back to the top as it lacks significant support between $17K and $10K.
As Bitcoin tries to formulate support and bounce up, the chances of the small fish exiting the market are relatively high. But if BTC dips below $10K, will whales and institutional investors continue HODLen?