Bitcoin Whales Buy The Dips As BTC Price Faced a Stiff Rejection at $70k Levels

On late Monday, the Bitcoin (BTC) price faced a stiff rejection at $70,000 levels dropping an additional 4.5% and moving all the way to $66,500

Four Bitcoin (BTC) whales have moved a total of 5,900 BTC, valued at $397 million at the time of the transactions, from centralized crypto exchanges in the past 24 hours.

The largest withdrawal was made by whale “12QVs,” who withdrew 4,500 BTC from Binance in two transactions. Of these tokens, 3,500 BTC were withdrawn soon after the BTC price corrected on Monday.

The remaining 1,400 BTC were withdrawn by three whales, probably acting as a single entity, from Bitfinex at around $67,185. As per on-chain data, these whales have collectively withdrawn 3,910 BTC from Bitfinex since June 12, at an average price of $65,764. They are currently sitting on an unrealized profit of $4.59 million from these transactions.

This large-scale withdrawal of BTC from CEXs comes amid a broader sell-off in the crypto market. The BTC price dropped by more than 4.5% on Monday, falling to a low of $66,500.

The selling pressure on BTC also increased after the US government moved a total of 29,800 Bitcoins, valued at over $2 billion at the time of the transaction, on Monday. This news sent shockwaves through the crypto market as it raised the possibility of a Germany-like sell-off.

However, the BTC price managed to recover from the lows and is currently trading at around $68,000. As long as the BTC whales continue to buy the dips and defend the crucial support at $65,800, the asset could still see a bullish continuation in the coming days.

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