Bulls are moving Bitcoin (BTC) around exchanges as signals to a possible selloff to $9,000 USD ring harder on the market. In the past 24 hours over 6,700 BTC has moved from unknown wallets to exchanges as whales continue to take their profits from the explosive bull run at the start of the year. Once again, a whale has moved over $11 million dollars to OKEx exchange, threatening a possible dump of BTC’s price.
Whale moves 1,201 BTC to OKEx exchange
Whale Alert website, an oracle tracking the largest moves in crypto funds, has witnessed a hive of activity over the past 24 hours, with the latest 1,201 BTC (~$11,554,000 USD) move to OKEx setting a bearish signal. This follows a bearish start to the week on BTC, as the coin experienced two consecutive red candles on the daily charts to currently trade at $9,395 USD.
— Whale Alert (@whale_alert) February 25, 2020
While the market looks bleak for the BTC hodlers in the near term, a positive from the huge transfer of coins is the low fee paid by the whale – only 0.00100000 BTC (~$10 USD).
A bleak market for BTC/USD?
The sharp decline on BTC’s price – 6% in the past 48 hours – has seen the price breach below key support levels at $9,500 testing the near term support at $9,300 USD. A break below the 20-day Bollinger band lower level will effectively usher in a mega bear run towards the $8,500 support levels – a dangerous hanging point for the coin.
With over $60 million in BTC moving towards liquid markets, a bearish indicator, price looks set to fall deeper in the red. The relative strength index (RSI) broke below the support level, oscillating at 45.30, with a downtrend trajectory towards oversold levels.
Despite retesting the support resistance wedge at $10,068 USD on Tuesday, bulls have struggled to trade above the key level as bears retake the market. However a push from bulls to prevent a retracement below the $9,100 USD level will be key to starting a new uptrend.