BTC price tops 10-day highs as Bitcoin whale demand sees 'huge spike'
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Dip-buying appears to be in full swing among whales, new data shows, but analysts remain wary on the outlook for the short term.
Just hours from the weekly close, a reversal then set in under $21,500, Bitcoin still in line to seal its first "green" weekly candle since May.
The event followed warnings that volatile conditions both up and down could return during low-liquidity weekend trading. On-chain data nonetheless fixed what appeared to be buying by Bitcoin's largest-volume investor cohort prior to the uptick.
"Unusual whale activity detected in Bitcoin," popular analytics resource Game of Trades observed.
"The supply held by entities with balance 1k-10k BTC just saw a huge spike in demand. Let’s watch if the trend confirms."
An accompanying chart from on-chain analytics firm Glassnode showed shifting up markedly from around the time BTC/USD hit lows of $17,600 this month.
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