BTC price plummets;
Whales start to take advantage of the situation!
Bitcoin bloodbath Whales may have followed legendary investor Warren Buffett’s famous advice and bought when the blood was flowing in the streets.
On June 24, Bitcoin price plummeted to a low of $58,456 on negative news about the July repayment of creditors of the now-defunct cryptocurrency exchange Mt.Gox.
Meanwhile, the cryptocurrency market succumbed to “fear”, with the popular Fear and Greed Index showing its latest reading since September last year.
Apart from this, the widely used momentum indicator Relative Strength Index (RSI) shows that Bitcoin is currently oversold on both the daily and weekly charts. In fact, cryptocurrency traders have not seen such oversold conditions since Bitcoin was trading at just $26,000.
Early this Tuesday, Bitcoin price managed to recover to the $62,004 level, up more than 2.2%. The cryptocurrency has successfully held the key support level of $60,600, which is the low point of the current range.
All factors indicate that the price of Bitcoin is ready to rebound, and some major whales may buy more Bitcoin after the recent price adjustment.
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