Bitcoin Whales Collect 71,000 BTC in a Week Amid German Selling Wave, Eyeing Price to Rise to $60,000.

Last week, there was a dynamic change in the Bitcoin market as whales, known as big investors, increased their BTC holdings. Bitcoin's price fluctuated between a high of $59,270 and a low of $54,430. Seeing this price volatility as an opportunity, whales accumulated 71,000 BTC and targeted a potential price revival.

According to data from crypto analysis platform IntoTheBlock (ITB), the recent whale accumulation coincided with Germany's large-scale Bitcoin sell-off. The German government completed the sale of 50,000 BTC that it confiscated at the beginning of the year. This massive liquidation put downward pressure on the market and whales strategically bought at discounted prices.

Despite Germany's market sell-off, data revealed that the total volume of whale transactions on the BTC network was $41.32 billion. Although 24-hour trading volume was down 8%, weekly volume was trending upward. Remarkably, the whales prevented the price from falling below the $53,000 support level, making a significant contribution to market stability.

Recent market activities have moved BTC into a consolidated phase. Currently trading at $58,665.10, Bitcoin has made modest gains of 0.77% in the last 24 hours and 1.42% in the last seven days. Many Bitcoin proponents see the continued whale purchases as evidence of the cryptocurrency's strong long-term potential.

Prominent figures in the crypto space, Samson Mow and Joana Cotar, have highlighted the possibility of conducting strategic dialogues with Germany on potential Bitcoin buybacks. Alongside these talks, increased activity in spot #Bitcoin ETF products is expected to absorb the excess BTC newly released into the market.

The concerted efforts of Bitcoin whales to accumulate BTC during market declines could be a key factor triggering future price recoveries. As the cryptocurrency market struggles with such turbulent times, strategic moves by whales offer hope for a potential revival that could reach $60,000 and above.