Bitcoin Whales Have Snapped up 71,000 BTC Over the Past Week, Suggesting a Potential Market Rebound

Market narratives are being shifted by Bitcoin (BTC) whales, a trend that emerged during the previous collapse.

Bitcoin (BTC) price has seen a seven-day range of $54,430 to $59,270. During this time, Bitcoin “whales” have spotted an opportunity to acquire the coin, which could play a large role in quickly recovering the market.

According to the data, the total Bitcoin whale transaction volume has reached $41.32 billion. This seven-day moving average has not changed, despite a decrease in the 24-hour rate of change by 8%.

The German Bitcoin selloff dominated discussions throughout the week.

The auction of the 50,000 bitcoins, which were confiscated by authorities earlier this year, was finalized on July 12. While this caused a large selloff in the market, the price was able to stay above the $53,000 support zone, thanks to the actions of the whales. Had the whales not stepped in to slowly accumulate, the drawdown could have been worse.

Now that the German selloff is over, the BTC price has entered a more encouraging seven-day consolidation phase. The current price is $58,665.10, which marks a 0.77% increase over the past 24 hours. Out of the best indicators for a recovery is the 1.42% increase over the past seven days.

Many Bitcoin enthusiasts are viewing the actions of the whales as a sign of confidence in the future of the coin. If any of the several market catalysts were to occur, the price could easily return to the $60,000 zone.

In one of these developments, Samson Mow and Joana Cotar, who are behind one of these developments, are discussing a possible repurchase of Bitcoin with Germany. However, this is not the only occurrence; the recent inflows of Bitcoin into spot BTC ETF products could also play a role.

Ultimately, we are looking at a return to $60,000 in the short term, followed by a return to Bitcoin's previous All-Time High (ATH) and beyond in the long term.

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