Whale Movement: Dump Threatens Bitcoin (BTC), 8K or 9K Next?


bitcoin bulls rise again
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Whale Movement: Dump Threatens Bitcoin (BTC), 8K or 9K Next?

Bitcoin continues to break below key supports. In the last 24 hours, the digital asset has dropped by 2%. On Thursday, Bitcoin looked ready to get back up as it climbed to $8,900 in a few hours. This was however short-lived. The rally was rejected at this position killing chances that the upward trajectory extended above $9K. With Bitcoin now back to the $8,600 support again, there is a risk that whale movement could trigger a plunge.

Whale Movement A Key Indicator

The bull’s attempt to break above proved futile. This could have seen a number of investors lose faith with a short term rally and cash in. Already, some Whale movement suggests that they are ready to sell. This historically leads to a dump and price fall.

This is a bearish sign as such huge amounts could lead to a price plummet over the next couple of days with supply surpassing demand.

The situation has as well been worsened by attacks on two prominent exchanges. As we reported in a span of hours, Bitfinex and OKex have experienced DDoS attacks. This is yet another worrying sign with the market historically taking such developments negatively.

While one way is to take away the assets and storing them in personal wallets, some chose to sell, sometimes triggering sell-offs.

The $8,500 support has shown strength and bulls are unlikely to give it up. But the recent developments are set to give the position a real test. If the bulls are not able to fight the bears and bounce up, this support will be breached and we see a retest of the $8,200 supports.

Gearing Up Again

On the higher side, the bulls will be aiming to climb above $9,000 before restoring some stability. Further up, they will aim to hit $9,500.

https://twitter.com/pulte/status/1233399017037541376

Despite a shaky couple of days and lack of a rally at a time when the global economy and stock market are struggling, some investors remain bullish. Whether as a safe haven or risk asset, many expected that Bitcoin will be rallying as the Coronavirus spread and strangled world economies. This has not been the case, but we wait.

Author: John Kiguru
John is an outstanding writer with a great love for cryptocurrency and its underlining technology. Kiguru is an astute believer in cryptocurrency and blockchain technology and looks up to exploring digital innovation. Follow him on Twitter @Shawn254Guru
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John Kiguru 67 Articles
John is an outstanding writer with a great love for cryptocurrency and its underlining technology. Kiguru is an astute believer in cryptocurrency and blockchain technology and looks up to exploring digital innovation. Follow him on Twitter @Shawn254Guru
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