Bitcoin price descends to $60,000, but will traders buy the dip in BTC and altcoins?
An asset stuck in a trading range oscillates between the support and the resistance. Bitcoin (BTC) has been gradually sinking toward its support after failing to break out of the resistance. This suggests that the bears will attempt to yank Bitcoin below the range and seize control.
Bitcoin whales seem to have turned cautious after BTC slipped below its support near $64,500 on June 21. According to Santiment data, Bitcoin whales completed 9,923 transactions exceeding $100,000 during the two days on June 22 and 23. That is a sharp drop from the 17,091 transactions in the two days prior.
Bitcoin’s weakness may have kept the short-term traders on the hook, but the long-term investors are viewing the dip as a buying opportunity. Following in the footsteps of MicroStrategy, Tokyo-based investment and consulting firm Metaplanet revealed plans to issue one billion yen ($6.26 million) worth of bonds to raise money to buy Bitcoin.
