Bitcoin Price Recovery Continues as Whales Acquire 71,000 BTC – Is a Rebound Imminent?

The price of Bitcoin has been on a rollercoaster ride in recent weeks, with a significant plunge at the start of July followed by a mild recovery in the last 24 hours. Despite the market volatility, Bitcoin whales have shown confidence in the cryptocurrency by acquiring a whopping 71,000 BTC in just one week.

According to data from IntoTheBlock, these whales, who typically hold over 1,000 BTC, took advantage of the recent price decrease to increase their holdings. This massive buying spree could potentially signal a price rebound for Bitcoin, as other investors may follow suit and increase their holdings as well.

The news of the Bitcoin whales’ buying activity comes at a time when the cryptocurrency market is showing signs of recovery, with Bitcoin trading above $59,000 and the BTC Spot ETF recording a net inflow of $310 million on July 12. This marks the sixth consecutive day of net inflows for the ETF, with BlackRock’s IBIT and Fidelity’s FBTC leading the way in terms of investment.

Despite the recent price gains, Bitcoin remains in the red zone on the monthly chart, with a loss of 10.96%. However, the overall sentiment in the market seems to be positive, with investors hopeful for a continued price rebound in the near future. Stay tuned for more updates on the cryptocurrency market as the situation continues to evolve.