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The price of Bitcoin (BTC) faced a minor dip recently as it went below the $68,000 level. However, this has not stopped whales from continuing their buying spree. They are anticipating a new all-time high (ATH) from BTC despite the recent dip. Overall crypto market sentiment is also on the bullish side, injecting stability into the market.
Earlier today, leading crypto tracking service Whale Alert detected a massive Bitcoin transaction from a whale. It reported that 1,446 BTC were transferred from an unknown wallet to Binance, the largest crypto exchange in terms of trading volume. This latest Bitcoin transfer is estimated to be worth around a whopping $96 million.
What is interesting here is the timing of this purchase by the whale. As mentioned before, the Bitcoin price dipped slightly. However, the market is seeing it as a healthy correction ahead of the next move from the coin to the next highs. Consequently, there was no significant panic selling on the market, resulting in limited price volatility.
Bitcoin price rally to continue?
As the whales continue to buy Bitcoin even amid price dips, it will encourage more investors to remain calm and perhaps jump on the BTC bandwagon. This positive momentum will inject stability, which Bitcoin requires in order to target the next highs. Bitcoin whales are playing a crucial role in Bitcoin’s next potential movements.
Meanwhile, Bitcoin is currently trading at $67,281.26, after a slight dip of 1.33% in the last 24 hours. It is facing significant resistance from the $69,000 price level, which has caused this dip. Bitcoin needs to turn this range into support in order to move toward the next target of $71,000. In doing so, it may successfully move above the $73,000 level and establish a new all-time high.
