Bitcoin showed quite a bullish momentum today rising around $200 in just a couple of hours. Bitcoin is currently trading around $3397 (at the time of writing) according to CoinGecko. The current price is a bonus for the bitcoin whales who were waiting for the best moment to sell their holdings in the midst of crypto winters. Though bitcoin showed bullish pattern today, the market trend still seems to be bearish as market analysts are predicting that the current bounce is just an illusion which is soon going to turn into a disaster for the price of bitcoin. Seeking the best opportunity, big bitcoin whales were already ready to sell their holdings in order to gain profits when the market crashes again.
Just a few hours ago, around 5351 BTC were transferred from unknown wallets to Bitfinex exchange probably for selling when the short term bulls show up. Here are the details for the transactions:
Transaction 1: 1909 BTC
Transaction 2: 1721 BTC
Transaction 3: 1721 BTC
The crypto market trend is quite bearish at the moment with the price of bitcoin crashing down from above $6500 to around $3200 in just a month of time. The small-time investors should be quite cautious while trading in such a market situation as the large whales maybe waiting for the best time to make a profit out of your anxiety.
The following article is not financial advice and readers are advised to do a thorough research and analysis before making any investment decisions in the crypto market which is quite volatile.