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
Transaction 2: 2886 BTC
Transaction 3: 1962 BTC
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.
This article is only the viewpoints of the author and the author is not a financial advice. You should do your own due diligence before investing or trading in Bitcoin or any Cryptocurrency market.