Bitcoin bulls continue to feel the pinch as the currency has dropped 8.17 percent in value over the past seven days. BTC investors are looking forward to a market bottom, and Glassnode claims that the market has bottomed out.
Nonetheless, whales and major institutions are currently in the accumulation phase, so it doesn’t matter if the market has bottomed out or is bottoming out right now.
A research states that this accumulation indicates whales are increasing their purchases rather than preparing their portfolios for a sale. The indication for whales to buy more is a bull green light from retail investors.
But what does this signify for Bitcoin if this is the case?
Bitcoin Price Drops Below $20k Level
The Bitcoin market stabilized between early June and early August, after a near-catastrophic collapse of the whole crypto sector. Bitcoin fell by a staggering 58% in the crypto market meltdown of May and June.
The $18,500 support level held steady during the mild downtrend. BTC bulls...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...