Whales Bought the Dip as Bitcoin (BTC) Reclaims 37.06 Euro: Analyst

As Bitcoin(BTC) slipped to a monthly low at 36129.60 Euro after a few days of consolidating above the 37056.00 Euro mark, there was a growing bearish sentiment about its quick price action. When the bears came out to push Bitcoin(BTC) south, dipping into the 37K – 40K area, some believed it an excellent chance to accumulate.

High Volume of BTC Spot Exchange Outflow

An analyst claim that as the Bitcoin(BTC) sell-off moved on, noticeable importance was seen out of spot exchanges recently. Whales may have purchased out a large sum of Bitcoin, He implied, because this size of outflow can only be created possible via “checking Top 10 Bitcoin(BTC) outflow for spot exchanges.

He saw the cost range of Bitcoin(BTC) between 37K ~ 40K as a critical accumulation phase that has been ongoing since Mar 2022 and urged investors to hold or purchase the dips if they could. Previously, in the wake of scenarios where the outflow volume spiked, as a considerable quantity of Bitcoin(BTC) was being dismissed from exchanges, upward cost action shortly reversed the market’s short-term bearish sentiment.

Something similar happened now as  Bitcoin(BTC) recouped all losses and even challenged 37982.40 Euro.

Additionally, He stated that as long as Bitcoin trades below the 200MA support line since Q4  2020, a sufficient amount of “smart money” would accumulate in the largest cryptocurrency by market cap. As The chart shows, BTC has dipped into the “low zone” and buying interest has also increased accordingly.

Uncertainties Ahead of BTC

Bitcoin’s bearish sentiment was reflected in the broader crypto market, with Ethereum also falling below  2779.20 Euro and major altcoins entering the Red Sea.