The struggle between bears and bulls was going nowhere. When bulls manage to increase the buying pressure, the bears neutralize it with more super selling and vice versa. However, the bulls have finally made a game-changing move that could very well be the deciding blow to the Bitcoin market. In an impressive display of power, whales have bought a massive number of Bitcoin that has already started to bear fruit.
According to the data shared by Santiment, investors with a holdings level of 100K to 60K Bitcoin have made the biggest aggregate purchase of the beacon coin. Santiment is a crypto markets sentiment analysis platform. The analytics aggregator claims that the Millionaire tier of the market has purchased about 60K Bitcoin in a matter of a few weeks.
Bitcoin Maximalists are Overjoyed amid the Recent Mega Purchase of the Flagship Cryptocurrency
Many Bitcoin maximalists took to social media to share and celebrate the good news. Veteran Bitcoin trader and analyst Willy Woo are also among these traders. Comparing the massive accumulation with a giant feast, Woo claimed that whales are having a field day with their Bitcoin buying frenzy. Santiment aggregator also reveals that only six weeks ago, the number of Bitcoin holdings among whales was fewer than 100K.
For now, the market whales have around 9.12 million Bitcoin under their possession. Due to the ongoing exodus of crypto miners in China, Bitcoin hashrates have also dwindled. Incidentally, the massive Bitcoin Millionaire rush collided with the highest difficulty adjustment at 28%. After the initial panic selling, the market stabilizes and recovering from the shock, while some analysts claim that the Chinese ban can prove to be better for Bitcoiners. Before the blanket ban, China controlled around 65%-75% of the hashrate for the beacon coin.
Clouds of Trouble Clear from the Crypto Sky as Bitcoin Takes Back $35K Price Tag
The positive effects of massive millionaire market accumulation have started to show signs in the Bitcoin market. The bulls rejoice as the flagship cryptocurrency moved from a psychological $32K to the $35K price point. The data projections shared by TradingView claim that Bitcoin has a chance to move above the 21-day moving average.
On the other hand, the 50-day moving average for the flagship cryptocurrency is aiming for a support level at $35K. If both lines collide, it could set the price point to a new bullish route that leads Bitcoin as high as $38K to $40K.