Bitcoin whales on the move as BTC price rises

Bitcoin whales on the move as BTC price rises

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Bitcoin whales are on the move again as Bitcoin BTC price is about to hit the $10000 mark once again. BTC price stands at $9632.45 at the moment while the high is not only the monthly but quarterly high at the same time.

Bitcoin enthusiasts are hopeful that the cryptocurrency is going to emerge above the psychological limit of $10000 mark within a few days, and the previous predictions expect this to happen by the 15th of February.

Bitcoin BTC price chart - 6 January 2019Bitcoin price chart by Trading View

Looking at the trend line on the Bitcoin price chart above, it’s evident that the cryptocurrency community is pushing Bitcoin hard. Whereas, the previous high on the 28th of January 2020, was a result of Chinese market influx right after the Chinese New Year and the epidemic Coronavirus.

Bitcoin whales are moving BTC price?

A very large Bitcoin transaction has just been recorded by the Whale Alert service, yet at the same time, the impact of the transaction – albeit of enthusiasm – is unpredictable.

Bitcoin whales moving BTC price?Bitcoin whales chart by Whale Alert

The transaction is by far the largest whale transaction recorded in the past few months, and if the amount has not been subject to a financial agreement, it can sway the market towards the $10000 mark.

Interestingly, the set of transactions doesn’t stop at a single but rather a set of the transaction was initiated with a slight difference in amounts.

Bitcoin Whales on the move

On the other hand, even if the transaction doesn’t impact the BTC price directly, it serves as an endorsement to the prevailing market sentiment of greed.

Cryptocurrency fear and greed indexCrypto sentiments chart by Alternative.me

The index displayed a neutral stance of the market by the end of the day on the 5th of February 2020. While the past few hours into the 6th of January show a rise of 8 points by 61 percent.

Bitcoin whales are believed to be the real driving force behind the major market sways. Despite the undisclosed nature of the 479 million United States dollar transactions, the sway would fall in favor of the bearish BTC price movement in the days to come.

Featured Image by Alexlukin

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Saad B. Murtaza

Journalist, Writer, Editor, Researcher, and Strategist with over 10 years of experience in the digital, print and public relations industries, Saad has been working with the mantra, Creativity, Quality and Punctuality. In his waning years promises to build a self-sustaining institute that provides free education. Carrying a diverse portfolio he has studied and written on topics related to cyber crimes, scams, blockchain, and cryptocurrencies.

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