After plunging below $30,000 on Monday, the price of Bitcoin (BTC) has recovered slightly. Whales and institutional traders have been spotted stockpiling Bitcoin at lower prices. As a result, the Bitcoin price has recovered slightly to roughly $32,096.
Many investors bought the dip to enhance their Bitcoin holdings, while some panicked and dumped their BTC. El Salvador, a bitcoin nation, has also purchased 500 bitcoins as BTC prices have reached bottom.
BTC Price Maintains Stability Despite Increased Supply
In the previous 24 hours, the price of bitcoin has plunged to as low as $29,750 due to panic selling. The trend was quickly reversed as whales rushed in to buy BTC drops.
BTC has seen massive outflows from exchanges like Gemini, Coinbase, and Bitfinex in the last few hours, according to WhaleAlert. Bitcoins worth more than $500 million have been transferred to the wallets of an unknown whale. As a result, the WhaleAlert data and price action suggest that Bitcoin’s price may rise from current levels.
Furthermore, according to Santiment’s on-chain statistics, Bitcoin is on the verge of sliding into the historic buy zone, which typically sees prices bounce from lower levels. Furthermore, the data shows that average profitability is at its lowest point since late January.
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