The crypto market is a fairly volatile entity as the price and value for many cryptocurrencies continue to dwindle throughout the day; you might think that the crypto is doing great at a particular moment, but in the very next, it is taking a flight towards the bottom. For the past few weeks, Bitcoin has been struggling with keeping its head above the water, trying to stay above the resistance levels and sometimes falling below $55K and even more but at the very next moment surpassing the resistance levels and keeping the price consistent.
In other words, it could be said that Bitcoin is putting up a fight and is preparing itself for an uptrend. Given this scenario, the Bitcoin whales might start to buy more and more Bitcoin by investing their money into the cryptocurrency, this way, Bitcoin volume would start to decrease on crypto exchanges and various other trading platforms, and its price might receive a huge uptick. Not only this, but the overhead resistance barriers for crypto are also weakening, which hints towards a sudden boost in price or a bullish run accompanying Bitcoin sooner than later.
Role of Whales
According to the on-chain data collected for Bitcoin, it seems that the flagship cryptocurrency has already touched rock bottom due to consistent losses, which it has sustained over the weeks, but it is recovering slowly and steadily. Still, there exists this supply barrier that Bitcoin needs to cross if it wants to advance further in terms of price and value. At the end of the day, it is just data being interpreted by crypto analysts and traders and might not hold a very promising ground in terms of an imminent bullish run accompanying flagship cryptocurrency.
Bitcoin has managed to drop more than 20% in the recent few weeks, and the decline in price and performance might have continued if not for the whales to jump into the rescue of the flagship cryptocurrency. Bitcoin has failed over and over, trying to overcome its $60K resistance level, but even so, many investors are still backing up Bitcoin, and they are trying to accumulate as much as they can.