Whales Adding BTC After Crypto Crash, Time To Buy?

Bitcoin News: After a massive crypto market crash today with over 250 million in total liquidation, whales have surprisingly started buying Bitcoin. Crypto analysts think it’s a great opportunity for investors to buy the Bitcoin dip, with longs to provide a better return on investment.

Whale Alert on March 3 reported that a whale adds 999 BTC worth over 23 million from the crypto exchange Binance to an unknown wallet. Further analysis revealed that the wallet contains only 999 BTC, indicating either it’s an internal transfer or a new whale wallet.

Popular crypto market analyst Michael van de Poppe said the crypto market correction is the right time to buy Bitcoin and other altcoins. BTC price has dropped by 5% in the last 24 hours, proving an excellent opportunity to buy the dip.

Despite the negativity around Mt. Gox Bitcoin unlocks, Ethereum Shanghai ETH unlock, and Silvergate bank, longs from $21.7K is the best level to buy Bitcoin.

Popular analyst Rekt Capital predicts Bitcoin price will stay in the range unless BTC can break the resistance of $23,400. BTC monthly close below $23,400 gave traders a chance to sell on the expiry day. However, he also warns that BTC can dip lower in the range as the price continues to consolidate.

Bitcoin Price To Fall or Recover?

Despite the news decline in Bitcoin price, the crypto market sentiment hasn’t fallen much. The crypto market fear and greed index shows a value of 50, with a drop of just 1 value. Thus, the market sentiment is “neutral.”

BTC price fell over 5% in the last 24 hours, with the price currently trading at $22,416. The 24-hour low and high are $22,241 and $23,540, respectively. Furthermore, the trading volume has increased by 16% in the last 24 hours.

Moreover, the US Dollar Index (DXY) fell 33% to 104.69 in the last 24hrs, favoring a rise in crypto prices.

Also Read: Citadel To Rescue Silvergate Bank From Fund Crisis; Here’s Why?

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.