Bitcoin Whale Moves Over $129 Million USD In BTC, Reversal To $8,500 Incoming?

whale

A Bitcoin whale moved about 14,500 BTC, approx. $129 million between wallets as the community braces up for a possible bullish momentum in the coming days. The price of BTC relative to the dollar is finally spiking following a buying spree in the past 24 hours that set the price past $8,800 USD on Monday. Currently on $8,838 USD, the top crypto, signals a possible move upwards in the long run with technical indicators such as the MACD, RSI and a golden cross formation setting the way.

However, the short term indicators signals a bearish move towards $8,500 USD, as the whale movement scares the market.

Bitcoin whale moves $129 million USD to an unknown wallet

On Tue, 03 Mar 2020 03:47:10 UTC, a Bitcoin whale moved 14,500 BTC (~$129,247,000 USD) from an unknown wallet address to a totally new address, raising questions on the huge transfer. The community is speculating on the possible need for the move of such a huge stash of BTC debating on its market impact vs a HODLing prospect for the whale.

Image: Blockchain.com

Well, the impact in BTC’s price is yet to be felt following the move of the stash, as the prices remained capped below $8,900 and $8,800. However, the transaction offers more than just value in USD terms.

Looking at the transaction speeds and fees of the transaction will make most of the crypto non-believers look at the traditional systems closely if nothing else. If it was JP Morgan or Bank of Japan, the fee would be a lot more than the $1.21 USD paid for this transaction and probably a lot more than the 15 minutes confirmation period.

Possible move to $8,500 USD?

However, the short timeframe charts signals a possible selloff towards the $8,500 USD level with a death cross formation on the hourly charts. The relative strength index (RSI) is also threatening to break support levels at 52.59 and oscillate towards the oversold regions if breached.

Image: TradingView

The whale however seems confident to HODL for the moment and we will follow through any large activity on the wallet address.