{"id":26623,"date":"2022-05-11T08:06:37","date_gmt":"2022-05-11T12:06:37","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=26623"},"modified":"2022-05-11T08:06:46","modified_gmt":"2022-05-11T12:06:46","slug":"bitcoin-btc-price-tumble-sees-whale-buying-below-30k","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/bitcoin-btc-price-tumble-sees-whale-buying-below-30k\/","title":{"rendered":"Bitcoin (BTC) Price Tumble Sees Whale Buying Below $30k"},"content":{"rendered":"\n
Recent data have revealed that the Bitcoin's\u00a0(BTC)<\/a> drop to 2022 lows has piqued the interest of major traders in the market.<\/h5>\n\n\n\n
\"Bitcoin<\/figure><\/div>\n\n\n\n

BTC temporarily traded at $29,000, its lowest level since July 2021, after falling roughly 20% in the previous week. The token looks to have drawn a flood of whale purchases at this price level.<\/p>\n\n\n\n

Traders also appear to be wary about allowing BTC to drop further and have been accumulating more. Several analysts believe the token has been heavily oversold and is due for a quick recovery.<\/p>\n\n\n\n

Concerns about rising interest rates hit BTC and the larger crypto market. The latest fall began after the Federal Reserve raised interest rates in May.<\/p>\n\n\n\n

Whales Accumulate BTC<\/strong><\/h3>\n\n\n\n

According to data from blockchain research firm\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> Santiment, BTC's decline below $30,000 triggered whale accumulation. The token has had the most transactions over $100,000 since January.<\/p>\n\n\n\n

There is clear evidence that\u00a0Bitcoin\"\"\u00a0whale addresses are viewing yesterday\u2019s drop below $30k as an event to accumulate.<\/p>\n\n\n\n

-Santiment<\/p>\n\n\n\n

Santiment also highlighted that whales' overall BTC supply appeared to be increasing significantly.<\/p>\n\n\n\n

\"Bitcoin<\/figure><\/div>\n\n\n\n

Nonetheless, investors who tried to predict BTC's bottom were largely burned last week. According to Coinglass data<\/use><\/svg><\/span><\/a>, a considerable number of long positions on the token have been consistently liquidated this year. BTC saw approximately $354 million in liquidations on Tuesday, with the majority of them being long positions.<\/p>\n\n\n\n

Where is the recovery?<\/strong><\/h3>\n\n\n\n

Though whales appear to be buying the token, BTC has yet to make a significant recovery. There are currently few positive factors in the market that could help the market bounce.<\/p>\n\n\n\n

The United States stock markets, which BTC has largely followed this year, are similarly in a holding pattern, providing the token few clues to move. Concerns about inflation and the Federal Reserve's rate hikes are also projected to exert downward pressure.<\/p>\n\n\n\n

The focus now shifts to today's U.S. inflation data, which may shed additional light on the Fed's plans to raise rates this year.<\/p>\n","protected":false},"excerpt":{"rendered":"

Recent data have revealed that the Bitcoin’s\u00a0(BTC) drop to 2022 lows has piqued the interest of major traders in the market. BTC temporarily traded at $29,000, its lowest level since July 2021, after falling roughly 20% in the previous week. The token looks to have drawn a flood of whale purchases at this price level. […]<\/p>\n","protected":false},"author":32,"featured_media":25079,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83],"tags":[],"class_list":["post-26623","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/04\/btc-x-whales.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/26623","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=26623"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/26623\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/25079"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=26623"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=26623"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=26623"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}