- Bitcoin whales were behind the recent price rally in the crypto market.
- Purple Whales converted a $20 million Bitcoin bid ladder into market orders to trigger the rally.
- A Brown Whale joined the buying movement with a $2 million buy order, as seen on the FireCharts CVD.
According to Buffinton of the Altcoin Buzz YouTube channel, multiple analysts identified Bitcoin whales to be behind the recent price surge. He quoted Material Indicators, a crypto market data service provider, that identified Purple Whales’ decision to convert a $20 million Bitcoin bid ladder into market orders as the trigger to the recent price rally.
Material’s Indicator noted that Purple Whales did not stop there but continued buying upwards of $50 million. The market data provider also observed a Brown Whale who joined the Bitcoin buying movement with a $2 million buy order, as seen on the FireCharts CVD.
Buffinton observed a significant movement in Bitcoin price in the past few days. The YouTube presenter noted that Bitcoin rallied from a low of $28,700 all the way to $30,200 before consolidating at a crucial level of $29,800. However, he thinks dipping lower to the $29,250 level …
Source:coinedition.com
