Bitcoin Whales Rescue Market, Preventing Extended Dip Below $60,000

These large holders wield considerable influence in the market due to their substantial holdings and are typically viewed as savvy, well-informed investors. Their buying and selling activities can significantly impact market trends, leading crypto observers to closely monitor their behavior for insights into potential price movements.

“Bitcoin whales may have begun buying during this downturn,” noted IntoTheBlock in a post on Friday. “Historically, accumulations by these addresses have frequently preceded upward movements in bitcoin’s price.”

Bitcoin has been consolidating in recent weeks following its record-breaking prices last month, as it was approaching its scheduled four-year halving event. Despite sell-offs pushing prices around the $60,000 mark multiple times in the past week, a significant support level has emerged where buyers are stepping in to take advantage of lower prices.