Bitcoin price holds steady at $60,000, while whales buy aggressively

The Bitcoin (BTC) price has been stuck between $60,000 and $62,000 for days and has not managed to break out. It’s an exciting time for crypto investors right now, especially with rising geopolitical tensions in the Middle East.

Yet there is a positive trend going on behind the scenes: large Bitcoin holders, also known as “whales”, are busy accumulating more Bitcoin. This indicates that they are not influenced by the current unrest and have confidence in the long term.

BTC price very volatile

On Monday, the Bitcoin price entered a free fall after the Iranian missile attack on Israel. Bitcoin fell as much as 6% that day to a low of roughly $60,000. Since then, the bulls and bears have found themselves in a heated battle.

On the one hand, the bulls have repeatedly tried to break the resistance at $62,000, but each attempt is strongly rejected. On the other hand, the bears are also unable to push the price below $60,000, causing the price to bounce back again and again.

Both levels were tested again yesterday, without success. The price has now been stable around $61,000 for quite some time, so it remains to be seen which way it will move again.

In any case, the volatility is good, and that is also reflected in the altcoins. There are many major declines to note. XRP is one of them. Ripple’s cryptocurrency is down almost 12% thanks to the appeal of the US Securities and Exchange Commission (SEC) in its lawsuit with the crypto company. Memecoins Dogwifhat (WIF) and Bonk (BONK) are also in bad shape, with declines of 12.83% and 12.37% respectively.

Bitcoin whales are making their move

Despite the downturn in the market, the Bitcoin whales have started buying heavily. According to Ki Young Ju, founder and CEO of CryptoQuant, these big boys are not influenced by the escalations in the Middle East. ”Look how fanatically the new whales are collecting Bitcoin; this market has never seen such accumulation,” Ju said.