Bitcoin Whale Moves Over $129 Million USD In BTC, Reversal To $8,500 Incoming?

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Published 03 Mar, 2020 | 06:59:19 AM UTC

Bitcoin Whale Moves Over $129 Million USD In BTC, Reversal To $8,500 Incoming?

A Bitcoin whale moved about 14,500 BTC, approx. $129 million between wallets as the community braces up for a possible bullish momentum in the coming days. The price of BTC relative to the dollar is finally spiking following a buying spree in the past 24 hours that set the price past $8,800 USD on Monday. Currently on $8,838 USD, the top crypto, signals a possible move upwards in the long run with technical indicators such as the MACD, RSI and a golden cross formation setting the way.

However, the short term indicators signals a bearish move towards $8,500 USD, as the whale movement scares the market.

Bitcoin whale moves $129 million USD to an unknown wallet

On Tue, 03 Mar 2020 03:47:10 UTC, a Bitcoin whale moved 14,500 BTC (~$129,247,000 USD) from an unknown wallet address to a totally new address, raising questions on the huge transfer. The community is speculating on the possible need for the move of such a huge stash of BTC debating on its market impact vs a HODLing prospect for the whale.

Image: Blockchain.com

Well, the impact in BTC’s price is yet to be felt following the move of the stash, as the prices remained capped below $8,900 and $8,800. However, the transaction offers more than just value in USD terms.

Looking at the transaction speeds and fees of the transaction will make most of the crypto non-believers look at the traditional systems closely if nothing else. If it was JP Morgan or Bank of Japan, the fee would be a lot more than the $1.21 USD paid for this transaction and probably a lot more than the 15 minutes confirmation period.

Possible move to $8,500 USD?

However, the short timeframe charts signals a possible selloff towards the $8,500 USD level with a death cross formation on the hourly charts. The relative strength index (RSI) is also threatening to break support levels at 52.59 and oscillate towards the oversold regions if breached.

Image: TradingView

The whale however seems confident to HODL for the moment and we will follow through any large activity on the wallet address.

Lujan Odera

Been in the field since 2015 and he still love everything blockchain and crypto! FC Barcelona fan. Author and journalist. Follow him at @lujanodera.

Published by

Lujan Odera

Published 03 Mar, 2020 | 06:59:19 AM

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