As the US market ended its rally and opened the markets, for their surprise, they found out that approximately $75 Million in Bitcoin (BTC) transferred to the leading exchanges, including Binance, Bitstamp, and OKEx. Even though the value of BTC was at $7,300 and showing bullish improvements, these actions taken by the Bitcoin whales resulted in a pessimistic outlook by others.
$75 Million transferred to and from the exchanges:
Just shortly after bitcoin crossed the $7000 mark, the bulls are looking to cash out soon as they are expecting the value to go down, which would result in a significant loss.
— Whale Alert (@whale_alert) April 9, 2020
According to Whale Alert, approximately six large BTC transactions were sent to the top exchange companies between 5:03 PM GMT to 6:44 PM GMT, which totaled to over $80 Million. These were sent to the top exchanges like Binance, OKEx, etc. from unknown wallets. The largest exchange which took place was through OKEx, where they exchanged for approximately 5,000 BTC which equals to around $36.3 Million. However, this was sent through two transactions of 3500 BTC and 1500 BTC, respectively.
Will the Bulls lose their strength in the BTC market?
Over the past week, the BTC market turned bullish as the price of the Bitcoin crossed over $6,800 and even $7500 mark. However, today, the price broke below the support level at $7000 and BTCUSD is currently struggling to maintain its position here. The bear attack today might lead to a quick crash in the price of Bitcoin.
Check out the Bitcoin Chart by tradingview.