According to cryptocurrency analytics platform IntoTheBlock, Bitcoin's largest wallets have recorded the highest amount of net inflows following the cryptocurrency market crash.
On Monday, these wallets that control at least 0.1% of the total supply scooped up a staggering $436 million worth of Bitcoin.
Bitcoin carnage
The whales have probably followed the famous advice by legendary investor Warren Buffett to buy when there's blood in the streets.
On June 24, the price of Bitcoin plunged to as low as $58,456 to the bearish news about the now-defunct cryptocurrency exchange Mt. Gox creditor repayments in July.
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As reported by U.Today, Bitcoin critic Peter Schiff recently predicted that the leading cryptocurrency would keep plunging after recording the lowest level in nearly two months.
Meanwhile, the cryptocurrency market succumbed to "fear," with the popular Fear & Greed Index showing the latest reading since last September.
To top that off, the Relative Strength Index (RSI), a widely used momentum indicator, shows that Bitcoin is currently oversold on both daily and weekly charts. In fact, cryptocurrency traders have not seen such oversold conditions since Bitcoin was trading at only $26,000.
A relief rally?
All of the aforementioned factors suggested that the Bitcoin price was ready for a bounce, and some major whales probably felt compelled to buy more Bitcoin following the recent price correction.
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Earlier this Tuesday, the Bitcoin price managed to recover back to the $62,004 level, adding more than 2.2%.
According to pseudonymous cryptocurrency trader Rekt Capital, the flagship cryptocurrency has managed to successfully hold the key support at $60,600, which is the low of the current range. The chartist believes that the Bitcoin price will be able to revisit the top of the current range if it remains relatively stable.
Trader James Stanley has also identified the $60,000 level as the key support level that Bitcoin bulls have managed to hold.