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On-chain analytics company Santiment recently revealed the Bitcoin (BTC) whales bought a staggering 60,000 BTC in one day, the largest daily acquisition in 2021. Santiment further noted whale addresses currently hold about 9.12 million BTC, 100k more than it was about six weeks ago.
While many retail investors have panicked since Bitcoin began its selloff, whales have taken the downturn as an opportunity to stock up on crypto assets.
The on-chain analytics firm revealed that addresses holding at least 10,000 BTC bought over 90,000 BTC in a month. The firm noted that these “uber large” addresses possess half of all BTC in circulation.
Despite the recent China FUD and the Elon Musk-induced volatility, reports show that whales continued to accumulate BTC bringing up their collective portfolio by $3.6 billion over the last six weeks.
Typically, whale activities have an immediate effect on the market. Following the recent 60k BTC whale purchase, the benchmark cryptocurrency spiked by 5% in a few hours. This surge helped the cryptocurrency break above the $35k mark before today’s decline.
While many remain worried about the recent drop in BTC hash rate and the negative difficulty adjustment, July has started positively for the cryptocurrency.
Key Bitcoin Levels to Watch — July 6
After touching the $36k mark yesterday, the primary cryptocurrency has posted a massive correction to the $33k. However, the decline was short-lived as bulls pushed the cryptocurrency back above the bullish trendline.
At press time, BTC battles with the critical $35k resistance as bull activities increase. That said, a break above the $35k level should help the cryptocurrency retest the $36k resistance over the coming hours. We expect a bullish continuation over the coming hours and days.
Meanwhile, our resistance levels are at $35,500, $36,000, and $37,000, and our key support levels are at $33,750, $33.000, and $32,000.
Total Market Capitalization: $1.44 trillion
Bitcoin Market Capitalization: $643.7 billion
Bitcoin Dominance: 44.8%
Market Rank: #1
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