- Analysts show consensus around a possible drop in the price of Bitcoin.
- Bitcoin and Ethereum whales moved more than $200 million in the last 48 hours.
The price of Bitcoin has managed to stay above the critical support level of $10,000 in the last week, after moving sideways several times and being rejected at $10,500. BTC has also explored briefly lower levels at $9,800. At the time of writing, Bitcoin is trading at $10,344 with gains of 0.38% in the last 24 hours. On the weekly chart, BTC shows a 1.38 percent loss and on the monthly chart a 10.71 percent loss.
Analyst and trader Josh Rager stated in a recent analysis that Bitcoin staying above the referred support level ($10,000), would make him “feel slightly more bullish” about the performance of the cryptocurrency in the short term. In his latest analysis, Rager noted that the price has moved very little. In addition, he set $11,250 as the next target that BTC needs to reach in order for bullish sentiment to return more strongly. However, Rager does not exclude the possibility of the cryptocurrency could fall below $10,000 again.
In that line, Bitcoin trader SalsaTekila recognized that he shortened his position when Bitcoin reached $10,375 on Bybit. The trader is pessimistic and expects that the weekend will end in a “bloodbath” due to the amount of sale orders close to $9,800. Therefore, the trader recommended his followers to watch out for a possible price drop due to the increase in open interest registered on the exchange BitMex.
The trader Dark Matter presented two scenarios. In the first scenario, Bitcoin could reach the bullish level of over $11,000, proposed by Rager, if its price remains above the weekly open (WO), but below its daily open (DO). The trader stated the following, indicating a possible re-exploration of the Chicago Mercantile Exchange gap:
#Bitcoin trading above WO but below DO. Here are two scenarios I’m looking at. Of course, this doesn’t mean we wouldn’t plunge from here, fill the CME meme, and then we’ll reassess from there.
On the other hand, trader Teddy has indicated to his followers that the Bitcoin price ($10,345) has formed a pattern known as Apex. As the trader pointed out, it is an indication of a possible big movement in the prices in the short term. Therefore, Teddy believes that Bitcoin investors must pump the price so that it can break through the resistance level. As one community member pointed out, there appears to be a lack of decisive action by buyers in the area indicated by Teddy, therefore a drop in the price of Bitcoin seems likely.
— Teddy (@TeddyCleps) September 12, 2020
Whales ready to dump Bitcoin and Ethereum?
Data monitor Whale Alert has registered an increasing activity in Bitcoin and Ethereum whales, which could mean an upcoming selloff and thus a crash in the market. According to Whale Alert, Bitcoin and Ethereum whales have moved a total of more than $200 million in various transactions in the last 48 hours.
The trade with the largest amount of funds on Bitcoin was recorded on September 11th. At that time, one of the Bitcoin whales transferred 8,500 BTC ($88 million) from Binance to an unknown wallet. During that period, the monitor recorded a transaction of 220,726 ETH worth $81 million from an unknown wallet to another unknown wallet. The increase in whale transactions could be an indicator of a possible large price movement, as some analysts mentioned above expect.
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