Bitcoin price seems to be stable above $3300 from the past couple of days amidst the crypto winters. The momentum is however quite bearish as a major bear attack is being predicted if bitcoin breaks the key support at $3000. The price will likely fall towards $2500 range and then to $2000 if the current support is broken. Also, the resistance around $3500 to $3600 is proving to be quite strong to let the price move above this range. The selling pressure is too much for the bulls to take action. In the midst of the bear market, large bitcoin whales are waiting for the right time to sell their holdings in order to avoid further losses and gain profits when the price slides down.
In the last 24 hours, more than 20,000 Bitcoin was transferred to Bitfinex Exchange from different wallets in large transactions. The details of the transactions are as follows:
Transaction 1: 1772 BTC
https://www.blockchain.com/btc/tx/861ae14208b9ab0722211f49e1b2d9b4ec3e400db803f8195dd726f5982515b7
Transaction 2: 1846 BTC
https://www.blockchain.com/btc/tx/60196f0357f1736c4e088dd4e4a90685e163a30e6d9fad390555b86207d5d108
Transaction 3: 1964 BTC
https://www.blockchain.com/btc/tx/e44697c3873cafcf13b41758f46e12e8e45ab1eaff20efb37b68ec9ae8f9fce4
Transaction 4: 1875 BTC
https://www.blockchain.com/btc/tx/b0b31c71f2d2b721ac3dbc39787bdd355eb2628fd3a64f5cd785531434fb6f63
Transaction 5: 1899 BTC
https://www.blockchain.com/btc/tx/7f39f7bbd46f499083f73857f42ab33ca0c41e8e584f01c12964cccde20b1b84
Transaction 6: 1952 BTC
https://www.blockchain.com/btc/tx/1c0f469324a6dbfcff85739aa755d75bebf3abd8b680299d98a6793135fb862d
Transaction 7: 1954 BTC
https://www.blockchain.com/btc/tx/433bad4bcbabf7831f50ef6d9e6a54637656119031d9a1fe783f563207d6834d
Transaction 8: 1757 BTC
https://www.blockchain.com/btc/tx/3a6f656cbe08c7f0b2f2caa605f213cadd4a0d296b5afc428ffb233717bb7775
Transaction 9: 1726 BTC
https://www.blockchain.com/btc/tx/900043dc880fa94cf30639a8e3075f388e9c670e07b3a36933b0880cb0b4633a
Transaction 10: 1722 BTC
https://www.blockchain.com/btc/tx/82730a6e76919a331812ffd908ec0600d44ef8014bd4e3774d80f9afc7c65cb2
Transaction 11: 1692 BTC
https://www.blockchain.com/btc/tx/4fb4b1b5302330f1f57a7f20e88db0024da5f38dcde7be4f1760917c861afcca
The cryptocurrency market is still under the control of bears and the downward slide is still continuing. The total market capitalization struggling to maintain its position above $110 billion. Analysts are predicting the bear market to go on for months which could prove to be hazardous for the price of bitcoin. Bitcoin may even fall below the $2000 range as predicted by some analyst. However, if you are a trader or an investor, you should do you own research and analysis before investing or trading in any digital assets such as bitcoin.
The following article is not a financial advice. You are advised to do proper research before making any investment decisions in the cryptocurrency market.
