Over $75 Million In Bitcoin Transferred To Top Exchanges, Is Fear Crippling In Amongst Bulls?

By Lujan Odera
April 10, 2020 Updated April 10, 2020
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Bitcoin whales are moving large amounts to and from exchanges raising doubts on a possible bullish run heading to the halving. As the U.S markets opened, over $75 million in Bitcoin (BTC) has been transferred to top crypto exchanges including Binance, OKEx and Bitstamp. Despite BTC changing hands at $7,300 and showing bullish signals on the long term charts, recent movements set an unoptimistic tone on the BTC/USD pair.

Over $75 million in BTC transferred to exchanges

Shortly after hitting the $7,000 mark and maintaining the price above key resistance levels, BTC bulls look to be ready to cash out in the near future. According to whale data aggregator, Whale Trades, six huge BTC transactions were sent to exchanges between 5.03 PM GMT +3 to 6.44 PM GMT +3 totaling over $80 million in value.

The transactions (each at least over 1000 BTC) were sent to top crypto exchanges including Binance, OKEx and Bitstamp from unknown wallets. The largest of the six is to OKEx whereby 5,000 BTC, approximately $36.3 million as at the time of writing, was sent for a minute fee of 0.00001284 BTC.

However, shortly after the exact amount was sent out from the exchange in two separate transactions of 3,500 BTC and 1,500 BTC, signaling a possible shuffling of funds by the whale.

Are bulls losing their strength in the market?

Over the past week, the sentiments across the BTC market has transformed from strongly bearish to bullish as the price of Bitcoin crossed key resistance level at $6,800. Since, the coin has soared to touch $7,400 but major resistance revel at $7,500 remains elusive. The current massive transfer of funds to exchanges may not bode well with bulls in the near term.

Image: TradingView

BTC/USD price bounced off the SMA50, which provides near term resistance, raising doubts a push to $8,000. Notwithstanding the relative strength index (RSI) is flattening out on the daily charts projecting a possible reversal back to sub-$7,000 support levels.

Been in the field since 2015 and he still love everything blockchain and crypto! FC Barcelona fan. Author and journalist. Follow him at @lujanodera.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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