Bitcoin has been in a bearish trend from over a month now with bitcoin falling to half of its value in just over a month’s period. Yesterday, bitcoin price showed a recovery up to $3400 which is being analyzed as a dead cat bounce as there were no major trading volumes during the recovery. The price is likely to fall back below $3300 soon and may even fall further below $3000 if it fails to maintain the support. For the bitcoin whales, the dead cat bounce may be the best time to sell their holdings in order to profit. Currently, Bitcoin is trading around $3453 (at the time of publishing) according to CoinGecko Charts. Around 4 hours ago (from the time of publishing) 3500 BTC were transferred to Bitfinex exchange from two different wallets. The details of the transactions are mentioned below.
Transaction 1: 1790 BTC
Transaction 2: 1710 BTC
The following article is not a financial advice. The readers should do proper research and analysis before investing or trading in any digital assets or cryptocurrencies such as bitcoin.