#bitcoin Bitcoin (BTC) has dropped to the support level of the narrow range, showing that the bears are maintaining selling pressure.
Veteran trader Peter Brandt said in a post on X that Bitcoin is at risk of falling to $60,000 and eventually $48,000. However, Bitcoin whales do not seem worried about short-term instability and continue to buy. The number of whale entities holding at least 1,000 Bitcoin is nearing an all-time high.
Smaller and even larger whales are optimistic about future prospects. MicroStrategy said in a press release that it intends to offer $700 million in senior notes that may mature in 2032, with the proceeds to be used to buy more Bitcoin and for “general purposes of the company". Currently, MicroStrategy holds 214,400 BTC.
The buying activity was not limited to Bitcoin, as Ether (ETH) saw one of its biggest days of accumulation by long-term holders. CryptoQuant's head of research, Julio Moreno, said in an X post that addresses bought 298,000 Ether on June 12, slightly less than the record purchase of 317,000 Ether on September 11, 2023.
Will whale buying help Bitcoin recover to $70,000? Could altcoins rise too? Let's analyze the charts of the top 10 cryptocurrencies to find out.
