Bitcoin whales are gobbling up BTC and filling their wallets as the market gives some indication of a potential rebound from its earlier price pullback.
According to a report by the Independent, new data shows Bitcoin whales are stocking up, leading analysts to speculate that another major price rally is “imminent.” Whale investors–those holding wallets with at least $50 million–have increased their holdings throughout June, July and the first half of August.
The report claims the last time whale investors exhibited similar activity was in the run-up to Bitcoin’s last all-time price high of $64,000 in mid-April, leading many to suspect that another price surge is on the horizon. BTC’s price has managed to rebound to around $50,000 following its tumble in May, during which the price dipped below $30K.
Alexandra Clark, a sales trader for UK digital asset broker GlobalBlock, told the Independent that Bitcoin was building support on technical charts:
“Bitcoin’s simple and exponential moving averages give strong buy signals… Not only that but MicroStrategy continues to grow its bitcoin portfolio – this support could stabilise the pullback and maintain the breakout move above $45,000.”
MicroStrategy has been one of the most ambitious and bullish purchasers of Bitcoin, acquiring more than 100,000 BTC worth roughly $3 billion. According to the report, the company acquired 3,900 BTC over the summer, contributing to the $10 billion in Bitcoin purchased by whale investors between late June and August.
Daniela Hathorn, a market analyst for DailyFX, said Bitcoin would continue to exhibit a positive price-trend so long as it stayed above its 200-day moving average of $45,750. She said the key challenge for buyers looking ahead would be for Bitcoin to maintain its momentum along the way to $55,000.
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