🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

Whales Bought the Dip as BTC Price Dropped Below $36K

Published 05/22/2021, 04:51 AM
Updated 05/22/2021, 05:00 AM
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.

This article was first published on coinquora.com

Continue reading on CoinQuora

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.