Top Reason Why Bitcoin (BTC) Price Surged Above $24K

Big Bitcoin investors appear unfazed in their accumulation despite the recent Bitcoin drop to below $20,000 that drove markets lower. According to Whale Alert, up to 6,000 BTC were sent in two transactions from unidentified wallets to the cryptocurrency exchange Binance. While there was one 999 BTC movement, it was swiftly followed by a massive 4,999 BTC move from a separate wallet address.

But, the recent decline has given some large investors the opportunity to “buy the dip.” Another such transaction involved the transfer of up to 11,125 Bitcoin to Binance. The Bitcoin price appears to be beginning to recoup right away, though it is unclear whether this is connected to the whale transfers.

While the price of the king cryptocurrency fell below $20,000 last week, two significant investor cohorts have been buying up Bitcoin, according to a crypto analytics firm Santiment. Bitcoin whales and sharks, or addresses holding 10 to 10,000 Bitcoin, reportedly accumulated 40,557 BTC worth $821.50 million in the previous week. 

“Bitcoin sharks and whales don’t appear to be to blame for crypto’s rough week. In fact, addresses holding 10 to 10,000 BTC have collectively accumulated $821.5 million back during this mid-sized crash. Crypto’s correlation with equities is what to watch.” 

It’s interesting to note that while these whales and sharks were purchasing the cryptocurrency, its value was actually declining. The activities of whales in the cryptocurrency market can sometimes provide important information about future price movements. Whales have a reputation for buying when they believe the market has declined and sold at a premium.

The asset’s price has had some strong upward movement in the last day, thus it would appear that the buying pressure from these whales has ultimately had a favorable impact on the coin.