Bitcoin price rises back above $30,000 as whales buy the dip
Wallet addresses holding between 1K and 10K Bitcoin have substantially ramped up their BTC accrual efforts over the past month.
- Bitcoin's share of the crypto market has slipped to a multi-month low of 40%.
- The digital asset's monthly losses currently stand at 26%.
- Searches related to the phrase "Bitcoin is dead" are at their all-time high.
Bitcoin has been rising recently after having slipped to a relative low of AUD$28,000 on 23 June. Over the past week, the digital asset's gains have risen to 3% while trading at AUD$30,500.
The ongoing price rise comes despite the market being quite volatile and exhibiting low levels of liquidity. On-chain data suggests that whales have continued to accumulate Bitcoin over the weekend, suggesting growing market demand. A market analyst noted:
"Unusual whale activity detected in Bitcoin. The supply held by entities with a balance of 1K–10K BTC just saw a huge spike in demand. Let's watch if the trend confirms."
Blockchain resource provider Glassnode revealed that ever since Bitcoin hit a low of US$17,600 earlier this month, large wallet holders have been lapping up the digital asset at a record pace.
In terms of where BTC is headed, crypto pundit Michaël van de Poppe stated that the digital currency needs to break the AUD$31,200 (US$21,600) threshold cleanly to forge some positive financial momentum for itself, adding:
"Standard weekend fake-outs happening and probably ending at CME close at US$21,100 for Bitcoin. No clear breakout above US$21,600 at this point yet."
Bitcoin's price data suggests that it is currently en route to recording one of its worst monthly drawdowns in its decade-long history. The currency has registered losses of almost 33% over the course of June till now.
What lies ahead?
In addition to whale accumulation, the number of Bitcoin wallet addresses holding 1 or more Bitcoin have also continued to rise. Between 15 and 25 June, the wallet addresses holding 1 BTC rose by 873.
While falling prices were viewed by many as a perfect entry point into Bitcoin, Google searches related to the term "Bitcoin is dead" jumped to its all-time high recently.
Even the cryptocurrency Fear and Greed Index, a popular metric for gauging consumer interest in the market, is currently hovering around the "extreme fear" zone, suggesting potential sell-offs in the near term.
Disclosure: The author owns a range of cryptocurrencies at the time of writing.
Trying to get a handle on the markets? Cut through the noise with our overview of the best cryptos to buy right now, explore some strategies for how to trade crypto or see if there's a better platform for you with our guide to the best crypto exchanges.