According to U.Today, Bitcoin's largest wallets, controlling at least 0.1% of the total supply, have seen the highest amount of net inflows following the recent cryptocurrency market crash. These wallets reportedly accumulated a staggering $436 million worth of Bitcoin on Monday. This move is seen as a strategy to buy when the market is down, a tactic often attributed to legendary investor Warren Buffett.
On June 24, Bitcoin's price dropped to as low as $58,456 due to bearish news about the upcoming repayments to creditors of the now-defunct cryptocurrency exchange Mt. Gox. This marked the lowest level for the leading cryptocurrency in nearly two months. The cryptocurrency market was gripped by fear, as indicated by the popular Fear & Greed Index showing its lowest reading since last September. The Relative Strength Index (RSI), a widely used momentum indicator, suggested that Bitcoin was oversold on both daily and weekly charts, a condition not seen since Bitcoin was trading at only $26,000.
These factors suggested that the Bitcoin price was ready for a bounce, prompting major whales to buy more Bitcoin following the recent price correction. On Tuesday, the Bitcoin price managed to recover back to the $62,004 level, adding more than 2.2%. Pseudonymous cryptocurrency trader Rekt Capital noted that the flagship cryptocurrency has managed to successfully hold the key support at $60,600, which is the low of the current range. The trader believes that the Bitcoin price will be able to revisit the top of the current range if it remains relatively stable. Trader James Stanley also identified the $60,000 level as the key support level that Bitcoin bulls have managed to hold.