While the most popular cryptocurrency trades around $ 49,500 per coin, data released by the CryptoQuant CEO shows that some big Bitcoin investors are heavily buying BTC coins when it drops below $ 50,000.
What is happening in the chart?
The current price of Bitcoin is approximately $ 49,500 per coin. In the daily range, its rate is slightly positive. Yesterday's BTC session closed above $ 50,500.
This cryptocurrency is almost 15% away from ATH, established in February. The highest price peak on the Bitcoin chart was $ 58,330.57. After an adjustment of around 20%, BTC has been trading below the $ 50,000 line for quite some time. This cryptocurrency ended last month with an increase of 36% from $ 33,114.36 to $ 45,137.77.
Whales buy BTC
As it turns out, Bitcoin's price dropping below $ 50,000 is a good opportunity for some big investors to amass more BTC coins. Although the cryptocurrency has almost doubled from the beginning of this year to the present state on the chart, the sentiment of long-term investment reigns in the market. Many users are counting on Bitcoin to rise further towards $ 100,000 and above. These expectations are reflected in the behavior of whales who do not sell their BTC but are constantly buying it.
Twitter/@ki_young_ju
The CEO of the CryptoQuant platform - Ki Young Ju emphasized that big players have recently made a lot of traps for "bears". He added that the rate is back to the level of institutional purchases of $ 48,000.
