After the massive sell-off that saw bitcoin (BTC) drop to as low as $17,600 last month, the trend seems to be turning for now. At least this is demonstrated by the network data that shows a change in the movement of the whales (large investors), while the price has tried to climb to USD 20,000.
The analyst and trader, Jess_btc, warning on July 4th on Twitter los bitcoin miners have accumulated again. The rise in demand for these actors, known as one of the whales, can be seen in green in the following graph he shared, according to logs collected from explorer Glassnode.
As seen colored in red previously, this move occurs just after the miners sell large amounts of bitcoin days ago. Precisely to “improve liquidity (for expenses), reduce leverage (of loans they had) and strengthen the balance sheet,” according to one of them, the company Bitfarms.
It can be estimated that the massive sale among miners drove the drop in the price of bitcoin that we have seen weeks ago. Of course, along with other investors who took the same action, causing the value of the cryptocurrency to suffer. However, the landscape seems to be changing at the moment.
Glassnode data maintains that there are two groups of holders who are accumulating: those who have more than 1,000 BTC and, above all, those who own more than 1 BTC.
This decision shows the long-term bullish conviction that there is for the cryptocurrency, which in principle is a good sign for investors. Although it will be necessary to see how the whales continue to behave soon.
In case the buying force is maintained, the price of bitcoin could be favored. In fact, it may have helped its price rally to $20,000 for a few minutes these days. But at the moment this trend is not consolidated. After touching $20,400 today, it quickly dropped to $19,400, where it is now trading.