Bitcoin Whales Started Accumulating $BTC After Price Dropped to $30,000, Data Shows

Bitcoin’s bearish trend could turn bullish in the near future if investors keep on buying the flagship cryptocurrency above the key $30,000 level. This was reportedly the level bitcoin whales started selling at during the last bull run.

According to on-chain monitoring resource ecoinometrics, once the price of BTC started surging from around $10,000 in October of last year to a new $64,000 all-time high earlier this year, whales started offloading funds above $30,000.

While bitcoin whales kept on offloading funds all the way up, smaller investors kept buying at every level until BTC hit its new all-time high. Whales dumping their funds did not trigger enough selling pressure to stop the price of bitcoin from moving up, but “when FED [fear, uncertainty and doubt] was added to the situation the small fish also stopped accumulating resulting in the -55% correction we are in right now.”

Since the price of BTC stabilized around $30,000, however, things appear to have changed as both whales and smaller investors are once again accumulating, while other investor categories “have turned neutral.”

This accumulation could lead to a trend reserval, according to ecoinometrics. As CryptoGlobe reported, several technical indicators are now also suggesting the price of the apex cryptocurrency could start moving up again soon.

A report published by Glassnode details bitcoin’s reserve risk indicator, which measures the confidence and conviction of long-term holders, is currently at 0.003, down from a mid-April all-time high of 0.007. A lower reserve risk implies higher confidence in the market.

Bitcoin’s MVRV Long/Short ratio has also dipped below 0% for the first time in 14 months on July 10, implying that traders are losing on their investments and now see a buying opportunity in the market.

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