Following an intense sell-off that lasted four days, Bitcoin is showing signs of recovery as it bounced back by 5%, pushing its price over the 200-day moving average of $50,000.
Currently, Bitcoin is up 4.36% trading for $51,230, and has a market cap just below $1 trillion. Following the market sell-off of these days, Bitcoin tested the support level of $43,000 before it reclaimed the $50,000 level.
While the price correction was going on, Bitcoin mega whale addresses started thoroughly accumulating.
“Bitcoin has recovered back to $50.1k Monday, and whale traders played the dip to perfection. Beginning during the dump to $43.5k addresses holding 100 to 10k $BTC have accumulated 67k more $BTC after dumping the same amount before the price drop.”
The COO and co-founder of Bitcoin IRA, Chris Kline, declared:
“There is a sentiment of uncertainty across all markets as we approach the end of the year. This is a healthy pullback as all markets look to readjust to the new Fed policies, inflation, and Covid concerns. Inflation is not going away anytime soon and investors are taking note of that, looking to hedge with tools like crypto.”