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The Bitcoin (BTC) community has given a big “no” to the bears looking for a massive rally. Although the major cryptocurrencies on the market are still under significant pressure from geopolitical tensions, they have been able to start a slight recovery from recent losses. Whales have also jumped on the BTC bandwagon and have stopped sitting on the sidelines.
Cryptocurrency tracking service Whale Alert detected a large purchase of Bitcoin earlier today. They tweeted that a BTC whale transferred 2,500 BTC from cryptocurrency exchange Bybit to their private wallet. Based on the Bitcoin price at the time of purchase, these coins are estimated to be worth around $153 million.
Bitcoin whales typically buy coins from top trading platforms such as Bybit and transfer them to their wallets. They are known as whales because they tend to hold large amounts of assets in their personal wallets for long periods of time. The buy-and-hold actions of these large investors are extremely important as they provide bullish momentum to the market.
Bitcoin price reaction
Today’s BTC purchases could trigger a broader buying trend, which could attract both retail and institutional investments to Bitcoin. This potential hoarding at the moment is essential for BTC price. That could give Bitcoin a big boost and trigger a much-needed price rise. However, such gatherings are often seen in a broader perspective.
Meanwhile, BTC is currently trading at $61,283 after rising slightly by 0.45% in the past 24 hours. This coin recently faced significant rejection again from the market at $63,000. The global political and economic situation doesn’t help either. However, the whales have not lost hope, and their buying trend could finally give Bitcoin the power it needs to aim for the next high.
