- Bitcoin is back in the green after breaking below the $9k support
- BTC whales continue to increase, competing with the numbers in September 2017
- Bitcoin’s price dip below $9k after BTC whales liquidated $30M on June 15
Bitcoin News Today – After breaking below the major $9k support level, Bitcoin (BTC) is now back in the green. The digital currency recently started a sharp downward movement after it was rejected at the $10k range. Bitcoin corrected lower and broke several support levels, starting with the major $9,500 support mark. The downtrend continued and BTC plunged below the $9k support and quickly tested the $8,900 zone.
Nevertheless, the digital currency seems to be up and doing, as it is now up by more than 4 percent over the past days. Bitcoin is currently changing hands over the $9,500 mark, with an eye for the $9,800 hurdle point. On the other hand, it appears that the number of BTC whales that can have an impact on the price of the digital currency is approaching 2017 levels when the price of the digital currency surged to its all-time high of $20,000.
Bitcoin (BTC) Price Today – BTC / USD
BTC Whales Approaches 2017 Levels
The number of investors holding a considerable amount of the world’s most dominant digital currency is beginning to head towards levels the digital currency community has not seen since Bitcoin tested its all-time high. According to the Week On-Chain report of Glassnode, which was released on June 15, there has been continual growth in the number of BTC whales. These are traders holding a minimum of 1,000 BTC since January this year.
According to the digital currency analytics platform, there are presently 1,882 of these whales. The numbers are competing with those in September 2017, when Bitcoin started its rally to $20k. Nevertheless, the same number of whales were holding enormous amounts of BTC in March 2016, when the digital currency was trading below $420.
“The price of BTC is now more than 20x higher than it was when we first saw this many whales, implying that more wealth is being held by whales. However, the average balance held by each whale has decreased during this period, such that whales actually hold less BTC now than in 2016, and less wealth (in USD terms) than in 2017.”
Whales Have a Huge Impact on BTC’s Price
According to a recent report by Cointelegraph, many BTC whales are HODLers. They do not cash out or move their holdings for up to five years, regardless of the situation of the market. When the price of Bitcoin plunged to as low as $3,600 on March 12, many whales left their holdings where they were. Nevertheless, whales have an enormous impact on the price of the digital currency. When Bitcoin whales liquidated $30M in longs on BitMEX on June 15, the price of Bitcoin plunged below the $9k mark.