Bitcoin Whales Prop Up Crypto Markets As Bulls Regain $9,000

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Bitcoin Whales Prop Up Crypto Markets As Bulls Regain $9,000




According to reports from the santiment data aggregator, Bitcoin whales have been on a Bitcoin accumulation spree since the Bitcoin price flipped and took a downturn six days ago. The data aggregator platform found that top Bitcoin players with a large number of Bitcoin in their possession, popularly known as Bitcoin whales, have shown an increased interest in the cryptocurrency.

This demand has led to the accumulation of a towering 12,000 BTC when converted with the current exchange rate, this equals a staggering $109 million.

The “accumulation movement” reportedly began two weeks after the third and most recent Bitcoin split, the highly anticipated Bitcoin halving event led to the reduction of Bitcoin block rewards from 12.5 BTC to 6.25 BTC. Prior to the halving event, Bitcoin had been experiencing mild instabilities as it dangled between $8,000 and $9,000 since the beginning of May.

Still, the bulls managed to outweigh the bears long enough to push it to the $9,500 mark. In fact, on the 8th of May, Bitcoin almost broke resistance levels of $10,000 when the price hit $9,996.

However, the bears have since been shaken out and bulls have taken the upper hand and remained atop with an increased bullish pressure that has pushed Bitcoin back to previous support levels. At press time, BTC is trading at $9,143 with slight daily gains of 3.46%.

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