At the time of writing, the Bitcoin price had recovered nearly 6% to over $20,000 and once again creating expectation among bulls, the Bitcoin continues to navigate a storm that in other circumstances could have wrecked it, and the truth is that, with this new rebound is crossing the waters with admirable skill, and I could that despite the naysayers we will soon find safe harbor.
In this sea of tides and turbulence Bitcoin detractors say that the price of BTC is going straight to 0 dollars, however, there are movements within the cryptocurrency market that suggest otherwise, this if we consider that in the last 24 hours Binance the largest cryptocurrency exchange in the world made a gigantic purchase of 101,266 units of Bitcoin.
It is assumed that Bitcoin's rebound to the $20,000 area is strongly related to the large Bitcoin purchase executed by Binance, as the main effect achieved in this transaction induced a remarkable increase in liquidity of the leading cryptocurrency by market capitalization.
Therefore, given the analogy of how much Bitcoin has fallen or how much it has resisted the attacks of its detractors and enemies embedded in the traditional markets, everything seems to point out that beyond the price drop, Bitcoin and its technology have resisted in a masterful way, an action that can induce an unprecedented price recovery in the short term.
There is no doubt that in the current context of financial instability, war, state regulations against cryptocurrencies, rising interest rates by the FED, and if we add to this the strong leverage in Bitcoin are specific events that created chaos in the crypto market, but despite all this the Bitcoin gives clear symptoms of being resisting all these blows.
To conclude, the purchase executed by Binance positions the exchange among the major Bitcoin holders or popular big hands, which know very well when to push the red and green button, hopefully the next button they activate will be the green one.
SOURCES CONSULTED
Business2Community Binance Buy Bitcoin Dip – 100k BTC on Recovery to $19k Level. Link
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