As Bitcoin fell below $60,000, major investors seized the opportunity and fueled a quick market rebound. Large holders, known as whales, increased their holdings of 19,760 BTC worth more than $1.2 billion at an average price of $62,500 on Friday, according to IntoTheBlock.
Whales, influential players in the cryptocurrency market, closely watch buying and selling patterns, often indicating market movements. Accumulation during downturns historically precedes price surges, suggesting a bullish mood.
This surge in whale activity contrasts with earlier in the week when investors were hesitant to take advantage of market weakness. The rebound above $65,000 following the Iran airstrikes was partly thanks to spot buyers of BTC.
Bitcoin’s consolidation of around $60,000 comes ahead of the April 20 halving event, which will reduce miner rewards and curb token issuance. Despite the uncertainty, opportunistic buying between the $60,000-$62,000 level represents fundamental market support.
David Han of Coinbase (NASDAQ:COIN) Institutional points to Bitcoin’s dual role as a risk asset and safe haven, contributing to directional uncertainty amid market volatility.