Bitcoin is on a major downfall since November this year with the price of bitcoin falling down from a high of around $6500 to a low of around $3500. The falling price has caused panic in the cryptocurrency market with large selling taking place at major exchanges.
In the last 12 hours, a large amount of bitcoin was transferred in three transactions which amount to 7848 BTC to Bitfinex Exchange probably for selling during the panic situation. The details of the transactions which were made from unknown wallets are mentioned below:
Transaction 1: 3000 BTC
https://www.blockchain.com/btc/tx/cf1cd7b1911c3ed590aa1e72be06cf2bdc15b1ac7d0a54a768deb90ffa7b5011
Transaction 2: 2886 BTC
https://www.blockchain.com/btc/tx/c1148177f26a4ea09f3ffac4d6b8c7dc610ddd878726525f90a0d4082808f182
Transaction 3: 1962 BTC
https://www.blockchain.com/btc/tx/ffef393fa1291b5b8faaa69d84ae79c50de917181a3babaa8d1fe7ddcc1150a8
Bitcoin is currently trading at $4211 (At the time of publishing) according to CoinGecko Charts. There is a major bearish trend line set with the major resistance around $4300 which may push the price down below $4000. Major cryptocurrency analysts are predicting a bear market trend for months which may result in bitcoin being in the range between $2000 to $5000. The major support level is still around $3600. Once the selling pressure is able to break this support, bitcoin price can fall down to the next major support around $2500.
What is your analysis of the price of BTC? Tell us in the comments section below.
