Whales Bought the Dip as BTC Price Dropped Below $36K
CoinEdition
Published May 22, 2021 04:51AM ET
Whales Bought the Dip as BTC Price Dropped Below $36K
- Whales scooped up $5.5B in Bitcoin as its price dropped below $36,000.
- Looking at the volume data, whales definitely made sure to buy at the dip.
- BTC drops as Chinese government announces a crackdown on Bitcoin.
Based on derivatives data, whales scooped up $5.5B in Bitcoin as its price went down below $36,000. Whales, who can influence in either direction when they make large buys or sell orders, aggressively bought the dip definitely. However, this fall doesn’t mean BTC has bottomed yet.
Meanwhile, negative news concerning Bitcoin and the entire crypto industry has been non-stop over the past few weeks. Alongside today’s FUD (fear, uncertainty, and doubt), Chinese government announces a ‘crackdown on Bitcoin mining and trading behavior’.
Subsequently, retail traders are easily scared to this kind of news. However, whales clearly know how to spot a buying opportunity, which is the case for today’s drop to $36,000.
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Written By: CoinEdition
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