Recently, there has been another significant transfer of 10,000 BTC to Binance. Although the reason for the transfer remains unclear, the environment is wondering if this is not a prelude to further drops in the bitcoin market.
A recent transfer signalled by @whale_alert on Twitter shows that 10 000 BTC – worth USD 80 million (at the time of writing this text) was transferred from an unknown wallet to a popular cryptocurrency stock exchange Binance.
— Whale Alert (@whale_alert) October 17, 2019
Transfer for sale?
Although the exact reason for the transfer is unclear, it may indicate the investor’s intention to sell bitcoins. It can be assumed that due to the recent BTC price behavior it seems that investors may want to sell. This in turn may indicate further decreases in the valuation of the king’s cryptocurrency. If this were to happen, there are several significant support levels in front of bitcoin: 7700 USD, 7200 USD and 7000 USD.
As the number of bitcoin trades on the stock exchanges increases, whales may seek to accelerate potential dumping and lower priced purchases. These are, of course, just guesses for the time and under no circumstances should the real intentions of whales as market participants be assumed at this stage.
Bitcoin price drops
A drop in the BTC odds since $14,000 may suggest that there are further declines to come. Over the past four weeks, bitcoin has been at a standstill. Since the end of September, BTC has been moving between $7900 and $8400. It is a fact that many investors expect an impulse for further declines. Currently, at the time of writing this text, BTC is valued at USD 7909: