Bitcoin’s (BTC) price marked an all-time high last week and has since triggered a correction that has led to the cryptocurrency declining by 7.74%.
However, amidst the chaos of bearish sentiment, one move from BTC investors could prevent a catastrophic correction.
Bitcoin Price Saved by Its People
The Bitcoin price is already trading at $67,768 at the time of writing, falling from $68,393 since the beginning of the trading session. This adds to the ongoing corrections that resulted in the cryptocurrency losing the 50-day Exponential Moving Average (EMA).
BTC, however, is still above the critical support level marked at $63,724, which would result in significant losses for investors. The reason behind this is the conviction of BTC holders who have been consistently adding to their wallets despite the market conditions.
In the last week alone, nearly 36,640 BTC worth more than $2.5 billion has left the exchange wallets. Interestingly, whales have not been accumulating at this time, which means that retail investors are the ones accumulating at the moment.
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Author: Aaryamann Shrivastava
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