As Bitcoin (BTC) struggles to protect $39k, whales may be keeping a critical price zone out of the hands of the bears…
Bitcoin price approached the average entry level of institutions
Will not tolerate further declines one of the whales is four publicly traded firms with large amounts of BTC in their reserves. Whales are closely watching current levels as a market basis in their interests. Tesla has the closest average to the current purchase price of any on the list. According to data from BitcoinTreasuries.net, Tesla is the second largest public enterprise holding the most Bitcoins, with 43,200 holdings. The average purchase price of each Tesla BTC is $34,700 and the total purchase value is $1.5 billion.
Considering the face of the company, Elon Musk, and his strength in the cryptocurrency market, a future visit to the market at these levels could prompt the company to take action and prevent further declines. Another whale, MicroStrategy CEO Michael Saylor averages $30,200. He has accumulated a total of 125,051 BTC in an aggressive saving plan.
Whales may want to keep Bitcoin price above this level
Tesla and MicroStrategy are considered strong support for Bitcoin price as they are trading above the average price of $30,000. Especially since the two biggest Bitcoin investors are publicly traded companies. However, if the market falls below this level (which hasn’t happened since June of last year), the entry prices of the next two public firms with the largest accumulation of BTC will be in this range. Energy company Marathon, headquartered in Findlay, is the third largest Bitcoin investor (8,133 BTC) with an average valuation of about $23,200. Square, which was later rebranded as Block, paid an average of $27,400 for each of its 8,027 BTC.
El Salvador expects price to return to normal
El Salvador awaits a new climb in price that will paint its investment portfolio green, while the largest public firms with Bitcoin in their vault have been in for months with stable backing. stays green. The Central American country’s Bitcoin investment is currently significantly inverse to its average purchase price. At least, so says “SalvadorTracker,” a Twitter account dedicated to tracking President Nayib Bukele’s BTC investment. El Salvador’s purchases are shown in this account at $47,921 per unit. The current price is about 8% lower than the average. “Dave the Wave”, whose analysis we share as Kriptokoin.com, is waiting for under 30 thousand dollars. You can take a look at the technical analysis here.
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