U.Today – The current price is around $58,900. This seems to be a good place for gigantic investors, whales, and sharks, as Santiment’s data suggests. These holders, who oversee wallets containing between 10 and 10,000 BTC, have been steadily adding coins to their holdings over the past month, reaching a total of $133.
It seems that even as smaller investors sell off their holdings, these experienced investors are still finding significant value in Bitcoin at current prices. Larger investors find the $58,900 price attractive because of their approach. Because they have the money and patience to wait for long-term gains, whales and sharks tend to buy during uncertain market times or when prices are falling.
They are likely setting themselves up for future gains by building at this point, believing that Bitcoin will eventually rise again and reach all-time highs. Regardless of short-term market fluctuations, their accumulation pattern indicates a powerful belief in the long-term value of Bitcoin.
This idea is further supported by the given Bitcoin price chart. According to the chart, Bitcoin is moving in a descending channel, with the $58,900 level being a critical support level. Moreover, the 200-day exponential moving average (EMA) is coinciding with this level.
The notion that this price is a good accumulation zone for larger investors is reinforced by the fact that Bitcoin is finding support there. Furthermore, the chart shows that bullish momentum is not fully in play yet, as Bitcoin has struggled to break above the 50-day EMA.
However, the steady accumulation of whales indicates that they may be preparing for an impending breakout. A modern uptrend in Bitcoin could be possible if it holds support at $58,900 and eventually breaks through the 50-day EMA.
