After June 13’s daily drop of 15%, Bitcoin has mostly consolidated. Initially, it continued to spin in the $ 20-22k group, while then dropped to the $ 19k to $ 21k range. In a few days, it did form wicks that stretched as deep as $ 17.6k. However, most other days he managed to keep his boat going.
The said series acted as an attractive accumulation zone. For example, the world’s largest non-exchange whale carried out a myriad of massive transactions during the aforementioned period, bringing its total balance sheet to $ 2.8 billion.
Per data from BitInfoCharts, the participant’s address added more than 2500 BTC [2554, to be precise] since mid-June. Its largest purchase of 565 Bitcoin was made on June 23 at $ 19.9k. On other days, the transaction volume oscillated between 36 BTC to 488 BTC.
In particular, in terms of overall rankings, this whale is third, just behind the exchange wallets of Binance and Bitfinex.
In addition, it should be noted that Bitcoin has significant immediate support. According to ITB’s data, in the band ranging from about $ 15k to $ 20k, more than 1.55 million addresses bought about 900k BTC. All of these participants are ‘in’ the money, or in profits, which makes it great support to rely on.
Others join the Bitcoin accumulation strain
One of Santiment’s latest tweets revealed that traders captured the decline by shorting Bitcoin. In particular, altcoins are “only” targeted by them in their “against” bets. As can be seen below, Bitcoin’s funding rate has remained mostly neutral in recent times. For all, however, the rate was clearly in a downward trend.
Santiment expressed the implication of the same, claiming,
“Bitcoin is being streamed as the safe haven.”
If you join all of the above dots, it becomes very clear that investors are doing their job by collecting Bitcoin for the long term. However, Bitcoin traders stay away from the market, perhaps waiting for the continuing trend to become decisive before placing new bets.