Bitcoin Whale Who Dumped at Price Top is Buying the Dip Now

[Cristiano]

Bitcoin whales have started accumulating again and one particular whale that dumped a major share at the near-perfect top was seen buying again. Whales buying and selling is seen as a major market sentiment indicator as these whales often dump on market in anticipation of a price crash and start buying when they believe the market has reached a potential price bottom. Thus, the current buying spree seen among whales could indicate Bitcoin price bottom might be near.
The whale who dumped thousands of $BTC at the near perfect top

has been buying the last weekshttps://t.co/FPa3ALgdWn#BTC #bitcoin @DocumentingBTC @BTC_Archive pic.twitter.com/srLYcqupL9

— tehMoonwaLkeR (@tehMoonwalkeR) June 1, 2021

Bitcoin price registered its first red monthly candle in May this bull season, a month that saw the price fall 50% from the all-time high of $64,685. BTC is currently trading just above $36,000, consolidating under 40,000 for nearly three weeks now. The coming month could see a possible trend reversal after breaking the key resistance of 40,000 and whale accumulation could become the possible catalyst.

The first week of May saw the crypto market bleed more than $500 billion of its $2 trillion market cap. While analysts have been predicting a market sell-off of such magnitude for quite some time owing to continuous 5 months long bullish momentum, the correction took many by surprise.

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