10K BTC moved to Binance hours before the price dive
A huge Bitcoin transaction to Binance took place a few hours before the price plunge. The Bitcoin price, recently gone down from around $8070 to $7840 very quickly. Before that, a 10000 BTC transaction worth $80 Million has been transferred to Binance Account. The reason for this transfer is not clear yet but may indicate a further dive into the Cryptocurrency market. Which is why the investors are keen to sell to avoid any further loss. Also, it can be done to drag the price down deliberately. The reason is unknown but definitely suspicious.
The price declined by around 1.1% in the past 24 hours. Currently, it’s trading at around $7,870. But the crucial area will be between $7800 to $7700 which has managed to support earlier. If the price level breaks further and goes down, it will reach the level of $7500 quickly. One expectation says the Bitcoin may go down to a level of $6000 which will break several support levels at $7700, $7200, and $7000.
Currently, the closest resistance level is at $8000. But the investors are looking at $8200, if that level is achieved, the next stop will be at $8300 around.
By looking at the current transactions in the exchange, the trend looks like, the big investors are trying to sell their current assets and will be re-buying at lower price levels. Though it’s just an assumption because of the last few weeks, there have been more transactions as such. Recently reported, a big trader moved Bitcoin worth over $24 Million to two different cryptocurrency exchanges.
Past Price Movement
Over the last month, the Bitcoin movement has been stagnant. BTC is trading between the price range of $7,900-to-$8,400 only. Also since it’s reached the highest $14,000, the price level only slipped down. And the trend is showing a further downfall.
In this market condition, volatility is the only stable trend that’s going to stay in the market. And currently monitoring the Bitcoin price seems interesting.
About The Author
Debarati GhoshDebarati is a finance MBA who is a keen observer of the current crypto currency market. She likes to read and write about the game changer and industry transforming news of the market.
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