The price of Bitcoin and all altcoins has been stuck in a certain price range since May 19, 2021. Just as it could not exceed $40K, it could no longer exceed $35K. Cryptocurrency markets have been very sluggish for the past few weeks, with trading volume at the bottom. Therefore, the morale of the small investor continues to deteriorate. This compression process in the narrow area persists. Bitcoin is not allowed to go above $40K, but it cannot go down to $20K.
The general picture is like this… Bitcoin purchases have almost come to a standstill. But on the other hand, we witness that large-scale investors, known as “whales”, are constantly buying at these prices. There was some news recently. Bitcoin whales are still buying BTC despite this ‘dark cloud’ environment and the whales had the highest purchase in a single day with 60,000 Bitcoin purchases. On-chain data analytics company Santiment reported that whales bought 60,000 BTC in one day, the largest daily accumulation this year. You can read the entire article at this link.
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