Don’t panic? ‘Smart money’ whales are waiting to buy Bitcoin at $8,800

Don’t panic? ‘Smart money’ whales are waiting to buy Bitcoin at $8,800

Gate Trade News Friday, September 4, 2020 63 1

Whales are bidding $8,800 to purchase Bitcoin on major exchanges like Bitfinex following a sharp drop to sub-$10,000.

 

The price of Bitcoin (BTC) abruptly declined by 10% in a single day on Sep. 4. Following the dip, the sentiment around the cryptocurrency market has become noticeably cautious with the Cryptocurrency Fear & Greed Index flashing “fear” for the first time since July.

 

However, market data shows that whales are preparing to purchase Bitcoin at $8,800 support level. It indicates that a March 13-like drop is unlikely to happen, when BTC dropped to as low as $3,600.