Whale Buying Resumes as Bitcoin Price Nears $71K

Bitcoin's price near $71,000 has led to a resurgence in buying from whales, according to crypto analytics platform Santiment. This trend is seen as a positive reversal and a bullish signal.

The current behavior marks a shift from just over a week ago when whales sold 66% of the Bitcoin they had accumulated between February 23rd and March 3rd.

Santiment notes that retail wallet holdings would need to decline at the same time as whale holdings continue to rise for it to be considered a confirmed local market bottom. Historically, Bitcoin has bottomed when everyday investors begin selling out of discouragement rather than buying with optimism.

The Crypto Fear & Greed Index is currently at 36, placing market sentiment in the Fear category.