Bitcoin’s failure to maintain above $60,000 is pulling altcoin prices toward their recent swing lows. What will it take to turn the market around?
Bitcoin (BTC) has been trading in the lower half of its $55,724 to $73,777 range for the past few days, but instead of panicking, the whales and the shark holders have used this opportunity to accumulate more Bitcoin.
“Over the past month, wallets with 10-10K BTC have collectively accumulated 133.3K more coins while smaller traders continue to impatiently drop their holdings to them,” market intelligence platform Santiment said in part of a post on X.
Another positive sign for the bulls is that Bitcoin stored on exchanges continues to dwindle. According to CryptoQuant data, Bitcoin reserves on exchanges have plunged by 12.9% since the start of the year. This suggests that investors are bullish in the long term.
