The cryptocurrency market may be preparing for a new round of volatility after a series of moves caught investors’ attention. Bitcoin’s recent rally, which saw the cryptocurrency rise by around 32% in October to reach an 18-month high, has shaken up major holders of the digital currency.
Data from Onchain shows that there are three “whales” – holders who own large amounts of bitcoins and were inactive since November 2017, together they have transferred a total of 6,500 bitcoinsvalued at approximately $230 million, Wednesday afternoon (1).
The transactions took place at three different addresses: the first wallet moved 2,550 bitcoinsthe second was transferred approximately 2,000 and the third moved about 1,950.
Transactions total estimated values of 90 million dollars, $71 million It is $69 millionrespectively, according to the data provided by the BitInfoCharts.
The transfers reignite debate about the influence of whales on the market, especially since the addresses come from “Satoshi’s Era”referring to the early period when Satoshi Nakamoto was still active in the development of Bitcoin.
Whales move bitcoins for the second time in twelve years; signal drop?
The move by major holders comes as investors sold nearly $410 million worth of Bitcoin in the past 24 hours, marking the third-largest increase in the realized gain/loss indicator in the past two weeks.
a stocks indicate a possible profit-taking trend after the recent rally.
Meanwhile, Bitcoin price is trading at a crossroads and approaching a key support level at USD 34,500.
Chart patterns such as the MACD suggest that the uptrend may be losing steam, raising the possibility of a bearish crossover.
If the current support line is broken, the scenario could turn towards a potential devaluation, with Bitcoin potentially testing the $30,000 mark again, where the 50-day Exponential Moving Average (EMA) resides.
On the other hand, it is worth considering that a market resistant to selling could allow Bitcoin to rise above $35,000 by the end of the year and even cross the $50,000 mark, as more optimistic analysts predict.
The coming days will therefore be crucial for investors in the cryptocurrency market, with attention divided between erratic whales and variables that shed light on the delicate balance between optimism and global economic reality.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
