Despite yesterday's downtrend, there are always whales moving their crypto assets. This time, the Bitcoin whale transferred 10,000 BTK to Binance. The motive for the transfer is unclear, but could mean further decline in the crypto market.
Will 10,000 BTK be sold in the market?
A Twitter account @whale_alert signaled a recent deal, suggesting that 10,000 BTC – worth $ 80m – is being transferred from an unknown wallet to the popular cryptocurrency of Binance.
With the poor performance of leading cryptocurrencies, investors may want to sell sooner or later, with investors expecting bitcoin to drop to $ 6,000. If that rate is reached, it would require Bitcoin to go through multiple levels of support that are $ 7700, 7200, 7200 and $ 7000.
Whales could increasingly execute bitcoin transactions on cryptocurrencies in order to achieve faster dumping and lower the ransom price. However, assumptions can only be made when it comes to the intentions of market producers and whales. The wallet owner is unknown, so you can assume that the cash flow consists of nothing and the corresponding coins are not sold.
Does the reversal come after the price drop?
Bitcoin's performance has been stagnant over the past four weeks. For one month, BTC has traded in the $ 9,900 to $ 8,400 price range and many traders predict a decline. According to a trader and tech analyst known as the Galaxy, Bitcoin's price has often risen more than 100 percent after falling from 40 percent to 50 percent.
As the volume decreases, indicating lower demand in the current price range, the likelihood of a short-term reversal decreases.