Bitcoin (BTC) Bull Sentiments Back in Effect, BTC Hits $61.5k Level Again

On-chain data showed that Bitcoin whales took advantage of the market downturn by buying 71,000 Bitcoin, worth $4.3 billion at current Bitcoin trade price.

The price of Bitcoin (BTC) has seen a notable surge, rising to the $61.5k level once again. This marks a 2.5% increase in the trade price over the last 24 hours. Interestingly, BTC had been trading around the $55K level for the past 7 days, amidst bearish sentiments. However, a closer look at the market reveals a different story.

While the retail traders panicked and sold at a loss and low prices, big players accumulated Bitcoin in large amounts over the last 6-7 days. This accumulation by large investors has been a key factor in driving up the price of Bitcoin, as they tend to buy significant amounts when the price dips, creating a bullish trend in the market.

According to on-chain data, Bitcoin whales took advantage of the market downturn by buying 71,000 Bitcoin, which is currently valued at $4.3 billion at the present Bitcoin trade price. This massive purchase occurred when Bitcoin dropped to $54,200 on July 5.

From the looks of it, these large holders have been buying Bitcoin at the fastest rate since April 2023. This accumulation is evident in the market as Bitcoin begins to rise again.

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These whales have bought over 47,000 #BTC at an average price of $57K. This suggests that the bottoming out of #BTC may be nearly complete.

#BTC

#Bitcoin pic.twitter.com/MpNqAETAqZ

Moreover, the CryptoQuant community manager suggests that these large investors have bought over 47,000 BTC at an average price of $57K. This indicates that these large investors believe the price of Bitcoin has bottomed out and is likely to rise. Their significant purchases help support the price and signal confidence in the market’s recovery.

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