The flagship crypto asset continues to face some serious price fluctuations as its price has plunged to the $19k price mark. Bitcoin has been struggling to break through the $20,000 price region for weeks.
This led many Bitcoin enthusiasts and investors to step back from the crypto king. Interested parties have been concerned regarding the long-term future of the crypto asset.
However, amid such critical crypto market conditions, the BTC Whales continue to shock people as they have not ceased buying the dip.
Even at $19k, the Whales and major investors have been noted to invest in the flagship cryptocurrency. Can this indicate an inevitable price recovery for Bitcoin? Let’s find more details.
If you are interested in buying Bitcoin then make sure you monitor its price movement and choose one of the best crypto exchanges that suit your needs the most.
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Whales and Major Entities Investing in BTC
The price of the crypto king has been stuck in a bearish momentum as it has been decreasing for several weeks now. The crucial price level it is trying to get above is $20k. Even though Bitcoin is not the only crypto asset going through a price correction, it is the most prominent one.
In November 2021, Bitcoin reached its all-time high at $69,000. Since then it faced some ups and downs in its price but it is now stuck in downward momentum. At the moment, BTC is trading at $19,175 (at the time of writing).
Here is a graph by CoinMarketCap that shows the price movement of BTC over the last three months.
This much red can make anyone skeptical about the future of cryptocurrency. However, large institutional-level investors and Bitcoin Whales have seen this as an opportunity to add to their funds.
Although the crypto king has seen a drop of 8.96% in its price over the last seven days, major investors and Whales have been buying the dip. Thanks to the growing popularity and significance of the crypto asset, major entities have been looking for opportunities to accumulate, to stay strong in the game.
According to reports, these entities have been purchasing approximately 140k Bitcoin per month. They now own 8.69 million BTC, which makes up 45.6% of the circulating supply.
This move by the major entities does highlight the prominence and value of the crypto king.
What to Know as a New Investor?
Buying Bitcoin or any other crypto asset comes with a few complications for people who are new and inexperienced. New investors need to know about several aspects before they start buying any digital asset.
Some of the useful tips are mentioned below that can help new crypto investors in avoiding unnecessary challenges and risks while buying digital currencies.
- Make sure you choose one of the largest crypto exchanges that suit your needs the most.
- Start by investing a small amount.
- Keep an eye on the price movement of the digital asset you want to buy.
- Know when to invest.
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