Whales Bought the Dip as Bitcoin Reclaims $40K: Analyst - BitcoinEthereumNews.com
As bitcoin dropped to a monthly low at $39,000 after a few days of consolidating above the $40,000 mark, there was a growing bearish sentiment regarding its immediate price action. When the bears came out to push bitcoin south, dipping into the 37K – 40K area, some considered it an excellent opportunity to accumulate. High Volume of BTC Spot Exchange Outflow Minkyu Woo, a technical analyst on CryptoQuant, ने दावा किया that as the BTC sell-off went on, a noticeable volume was seen out of spot exchanges recently. Whales may have bought out a large sum of BTC, Woo implied, because this size of outflow can only be made possible via “checking Top 10 BTC outflow for spot exchanges.” Woo saw the price range of BTC between 37K ~ 40K as a critical accumulation phase which has been ongoing since Mar 2022 and urged investors to hold or buy the dips if they could. Previously, in the wake of scenarios where the outflow volume spiked, as a considerable quantity of bitcoin was being removed from exchanges, upward price action soon reversed the markets short-term bearish sentiment. Something similar transpired now as well since BTC recovered all losses and even challenged $41,000. In addition, Woo stated