There’s going to be no respite to further downside for Bitcoin anytime soon! The shiny digital gold has been hovering around the $19,000 mark. The crypto market failed to show any adventure despite the dollar index nosediving to new lows in 20 years.
How the Downside is Getting Validated for Bitcoin?
The market has limped in the last few days for Bitcoin. The order books have conveyed a different story where no volatility is apparent. The coin has fallen in succession. The buy-sell liquidity has mimicked spot prices signaling no volatility whatsoever. When there’s no volatility, there’s little chance for profit capitalization.
The liquidity has also fallen significantly addressing further downsides ahead as well. Most Twitter followers believe that the market will not be getting back to normal anytime soon.
Whales Are Buying the Dip?
Cheap coin accumulation begins at the exchanges. Whales have cited this as an opportunity to buy the coins at a cheaper price. Unlike in the past, this time the whales have been successful at buying the coins at a much cheaper rate.
The whales have been acquiring 140,000 BTCs every month at an average price of $20,000. At the moment, they have almost 45% of the total supply of the BTC according to GlassNode.