One of the Biggest Bitcoin Whales of All-Time Just Transferred $116,000,000 in BTC – Here’s Where the Crypto Fortune Is Landing
A vast Bitcoin fortune is suddenly on the move as one of the largest BTC addresses in history comes to life.
An anonymous whale transferred 11,230 BTC worth $116 million for a fee of just $2.14. The transfer was first discovered by the automated distributed ledger tracker known as Bitcoin Block Bot.
According to the latest block explorer data, the whale moved the coins to two separate addresses.
An unknown wallet with a total of one transaction received 2,730 BTC. Another wallet that received 8,500 BTC also has a record of one transaction.
BitInfoCharts shows that the whale created the original wallet on July 14th. The wallet started receiving substantial amounts of BTC on July 23rd on the way to becoming the 28th wealthiest Bitcoin wallet in existence on September 11th.
The whale in question could be a custodian or institution managing cryptocurrencies on behalf of its clients. The big-time crypto holder could also be moving BTC across multiple addresses for security purposes.
However, none of the addresses involved have known links to a company in the crypto industry. The BTC has not moved to any known crypto exchange wallets, where it could be traded and sold in the open market.
- Bitcoin Topside Bias Vulnerable Unless It Surges Past $10,500
- Bitcoin Price Analysis: BTC bears tighten the grip, bulls ready to strike back
- Bitcoin Forecast and Analysis September 14 — 18, 2020
- 5 things to know in Bitcoin this week – securebitcoinnews
- Is Bitcoin’s drop to $10,000 a worry if you’re a hodler?
Bitcoin Topside Bias Vulnerable Unless It Surges Past $10,500
Bitcoin price broke the $10,500 resistance, but it struggled to settle above it against the US Dollar. BTC is currently holding the $10,200 support, below which the bears could gain strength.
In the past two days, bitcoin price recovered above the $10,400 level against the US Dollar. BTC even broke the $10,500 resistance and settled above the 100 hourly simple moving average.
However, the bulls failed to gain strength above $10,500. A high was formed near $10,573 and the price trimmed most its gains. It broke the $10,400 level and the 100 hourly SMA. There was also a break below a major bullish trend line with support near $10,350 on the hourly chart of the BTC/USD pair.
Bitcoin price traded close to the $10,200 support and low is formed near $10,215. The price is currently correcting higher and trading above $10,300. There was a break above the 23.6% Fib retracement level of the recent decline from the $10,573 high to $10,215 low.
Bitcoin price trades below $10,400. Source: TradingView.com
It is now trading near the 100 hourly simple moving average and well above the $10,200 support. On the upside, an initial resistance is near the $10,400 level. It is close to the 50% Fib retracement level of the recent decline from the $10,573 high to $10,215 low.
The next major resistance is near the $10,500 level. A successful close above the $10,500 resistance level is must for upside continuation. The next major resistance is near $10,800, followed the key $11,000 barrier.
If bitcoin fails to clear the $10,400 or $10,500 resistance, there is a risk of a downside break. An initial support is near the $10,250 level. The next major support is near the $10,200 level (the previous breakout zone).
A close below the $10,200 support could lead the price towards the $10,000 support. Any further losses might put a lot of pressure on the bulls and the price could dive towards $9,500.
Hourly MACD – The MACD is slowly gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently close to the 50 level.
Major Support Levels – $10,250, followed by $10,200.
Major Resistance Levels – $10,400, $10,500 and $10,600.
Author: Aayush Jindal
Bitcoin Price Analysis: BTC bears tighten the grip, bulls ready to strike back
- Bitcoin will continue moving in a tight range.
- The Golden Cross on the short-term picture sends bullish signals.
- The price may extend the correction to $10,000 before the growth is resumed.
Bitcoin attempted a recovery above $10,500 on Sunday, September 13, but failed to hold the ground. At the time of writing. The pioneer digital currency is changing hands at $10,350, mostly unchanged since the start of the day. Moreover, the coin has been oscillating in a tight range for over a week now amid the high indecision level on the market. While Bitcoin HODLers sit tight and wait for the prices to resume the upside momentum, speculative traders might feel frustrated and start looking for clues to understand what’s going on and when will point to the moon again.
Let’s have a closer look at the technical picture to see if the breakthrough is coming.
On a daily chart, BTC/USD rebounded from the upper boundary of the recent consolidation range at $10,500. The chances are that the price will retest the channel support before the bulls launch another recovery attempt. Bitcoin dived below $10,000 on numerous occasions during the previous wee; however, each time, a thick layer of buy orders located around that area pushed it back.
Meanwhile, BTC positioning data shows that nearly 1.4 million addresses with over 750,000 coins have their breakeven point on the approach to $10,000. This barrier is followed by another pack of 700k addresses with the breakeven in the range from $10,000 to $9,700. Most likely, bears will have a hard time making their way through these thick protective layers of protective. However, if they succeed, the sell-off may gain traction with the next focus on $9,200-$9,000, which coincides with the longer-term correction target, as explained in detail in our weekly forecast. The daily SMA200 and weekly SMA50 add credibility to this support area.
If we zoom in to the 4-hour timeframe, the price is supported by SMA50 at $10,270. This local barrier separates BTC from a decline to the lower line of the sideways channel. The series of Dojis and candles with small bodies confirm the market’s indecisiveness, which means we may stay in the current range a little bit longer. Also, the market positioning implies that a wall of supply in the area of $10,400-$10,600 may slow down the recovery. However, once it is out of the way, the upside momentum is likely to gain traction with the next focus on the psychological barrier of $11,000, followed by the 4-hour SMA200 at $11,200.
On the 1-hour chart, the short-term price movements are limited by SMA50 on approach to $10,400 and SMA200 at $10,250, which confirms the range-bound state of the market. However, the Golden Cross that has transpired on this time frame is a distinct bullish signal. The Golden Cross is a situation when a short-term SMA crosses the long-term SMA from the downside.
To conclude: BTC/USD is locked in a tight range and may continue moving sideways for the time being as there are substantial technical and fundamental barriers both on above and below the current price. The short-term indicators imply that BTC/USD may be ready for an extended recovery; however, this signal should be confirmed by a sustainable move above $10,500-$10,600. Once this happens, $11,000 will come into focus. On the other hand, a failure to clear the upside barrier will push the price towards the lower boundary of the range of $10,000, which is strong enough to slow down the decline and create another bullish impulse. Otherwise, the sell-off will continue towards the long-term correction target at $9,000.
Author: Published 2 hours ago
Bitcoin Forecast and Analysis September 14 — 18, 2020
Bitcoin BTC/USD ends the trading week at 10269 and continues to move within the correction and the upward channel. Moving averages indicate a bullish trend. Prices are again testing the area between the signal lines, which indicates pressure from the buyers of the asset and the potential continued growth of the asset’s quotes. At the moment, we should expect an attempt to develop a correction and test the support area near the level of 8255. Where can we expect a rebound and continued growth in the Bitcoin exchange rate with a potential target above the level of 14105.
An additional signal in favor of the growth of BTC/USD quotes in the current trading week of September 14 — 18, 2020 will be a rebound from the lower border of the ascending channel. The second signal will be a rebound from the support line on the relative strength index (RSI). Cancellation of the Bitcoin growth option will be a fall and a breakdown of the 6500 area. This will indicate a breakdown of the support area and a continued fall in BTC/USD quotes with a potential target below the level of 5405. Confirmation of the development of an upward trend will be a breakdown of the resistance area and closing of quotes above the level of 12505.
Bitcoin Forecast and Analysis September 14 — 18, 2020 suggests an attempt at a support area near the level of 8255. Then, the cryptocurrency will continue to grow to the area above the level of 14105. An additional signal in favor of the Bitcoin rate rise in the current trading week will be a test of the support line on the relative strength index (RSI). Cancellation of the growth option for Bitcoin cryptocurrency quotes will be a fall and a breakdown of the 6500 area. In this case, we should expect a continuation of the fall with the target at 5405.
Author: Published 5 hours ago
5 things to know in Bitcoin this week – securebitcoinnews
Bitcoin (BTC) starts a new week in uncertain territory as $10,000 stays in place but fundamentals shift to bullish.
Cointelegraph highlights five things that could shape BTC price action in the coming days.
In what will likely become a frequently-quoted announcement, oil giant BP said this weekend that the world has hit peak demand for the black gold.
In a report quoted by Bloomberg, BP said that demand for oil would stay “broadly flat” for the next twenty years, with pressure coming from alternative fuels and coronavirus.
“It subsequently recovers but never back to pre-Covid levels,” Spencer Dale, the firm’s chief economist said.
“It brings forward the point at which oil demand peaks to 2019.”
Macro asset year-to-date returns. Source: Skew
The startling admission is yet another surprise to come out of the global economy, at the same time as central banks admit that unconventional monetary policy has become the norm in 2020.
With coronavirus at the helm and lockdown returning to at least one country on Monday, Bitcoin looks poised to benefit from oil and fiat currency weakness, as before.
As Cointelegraph reported, previous extreme volatility in the price of certain oil assets allowed BTC to shine as a hedge against losses.
Another week, another meeting for the United States Federal Reserve — and a chance for safe havens to capitalize on its policy shifts.
On Wednesday, the Fed will outline how it plans to implement economic measures which will impact inflation — something which previously sparked dollar weakness.
“Maintaining a policy status quo in this context would be akin to throwing in a towel, which would undermine the credibility of the new framework right out of the gate,” Aneta Markowska, chief financial economist at Jefferies told MarketWatch on Monday.
Any actions from the Fed could weigh on the U.S. dollar currency index (DXY) once again, something to which Bitcoin has shown significant inverse correlation since July.
Gold markets are already considering the likelihood of a shake-up, analysts say, betting on the Fed putting itself in an increasingly difficult position. The precious metal has formed a “golden triangle” and is ripe for a breakout.
For Bitcoin, it’s all about DXY — a reversal of recent strength at the beginning of September would be a clear bull signal. Conversely, continued gains would likely keep selling pressure at $10,500 intact.
DXY 2-month chart. Source: TradingView
“The coronavirus crisis is many times more destructive than the financial crisis of 2008,” Steve Barrow, head of forex strategy at Standard Bank, meanwhile summarized to Bloomberg.
“There’s every reason to believe that the move to tighter monetary policy will take as long –- and probably much longer — than the post-financial-crisis period.”
In terms of central bank policy specifically, this year is seeing a seismic change similar to oil demand.
With Bitcoin as an antidote to central bank meddling with the money supply, any further devaluation in fiat is only to be welcomed by BTC proponents looking for a safety net.
“Global central bankers are discovering that monetary policies they once viewed as unconventional and temporary are now proving to be conventional and long-lasting,” Bloomberg summarized about the situation worldwide.
According to data from the publication, major central banks are employing crisis policies in 2020 that they have never used before.
As RT host Max Keiser often comments on his show, The Keiser Report, nothing is as permanent as temporary fiscal policy from a central bank.
Within Bitcoin, however, the future looks decidedly rosy. Hash rate — a measure of how much computing power miners have decided to dedicate to validating transactions — has broken out to hit yet another all-time high.
On Monday, data from Blockchain shows, the seven-day average hash rate stood at 135 exahashes per second (EH/s).
Bitcoin 7-day average hash rate 2-month chart. Source: Blockchain
Hash rate strength underscores miners’ continued faith in Bitcoin’s long-term profitability. Difficulty, perhaps the most essential measure of blockchain health, is set for a 5.4% increase this week — something which will send it, too, to record highs.
Commenting on the general situation, Cointelegraph Markets analyst Michaël van de Poppe suggested that zooming out was all that was needed for a bullish take on Bitcoin.
“If you’d like to compare periods and market cycles, the current state of the market is comparable to 2016,” he tweeted on Monday.
“Slow upwards grind, with long sideways consolidation periods. In 2016, several were seen. In 2020, 2021, it’s likely we’ll see that too. Bullish.”
Cryptocurrency commentators are also eyeing moves by stablecoin Tether (USDT) as a pointer for BTC price trajectory.
Specifically, Tether’s burgeoning market cap, passing $15 billion in recent days, has historically spurred Bitcoin gains.
“Bitcoin tether printer divergence. This story always seems to end the same way,” analyst Cole Garner tweeted, highlighting how previous increases in the USDT supply positively impacted Bitcoin.
As Cointelegraph previously reported, stablecoin holders, including those of USDT, appeared keen to snap up “cheap” BTC at prices around $10,000.
Is Bitcoin’s drop to $10,000 a worry if you’re a hodler?
Last week, as Bitcoin, the world’s largest cryptocurrency, dropped down close to $10,000, the markets got tense. After nearly a month over $10,000, with the better part of it pushing and pulling against the $12,000 mark, a massive 13 percent drop over two days was a cause for concern. But now, one week on from the drop, has it actually dented the hopes of hodlers, or has it just been left by the wayside?
According to a recent report by Chainalysis Market Intel, last week’s sharp price fall has not changed the sentiment of hodlers. The report stated that in the past, when prices fell sharply, Bitcoin sent rises to between 5 percent to 25 percent. Here, Bitcoin ‘sent’ refers to the cryptocurrency being sent to exchanges with the objective to liquidate either for fiat currency, stablecoins, or altcoins.
Two prominent events that saw larger Bitcoin sent rates were the end of late-2017, when the price climbed to close to $20,000 and then broke down precipitously, the fall to $4,000 in the last quarter of 2018, and the March crash of 2020 when the price dropped below $3,800. With this as the price context, last week’s drop had no similar effect on Bitcoin being sent to exchanges.
A similar case can be made for Ethereum. The altcoin’s price swing has been much sharper than Bitcoin’s, with the former rising to a two-year high last month before the recent correction. It can be said that the Ethereum markets saw “some panic” with 4.7 million ETH sent to exchanges at a loss of 5 to 25 percent, a 10x increase over the previous week. Larger losses were contained to just 78,000 ETH.
Looking at the data for Bitcoin against Ethereum, the report read,
“So, as with Bitcoin, Ethereum holders do not appear to think that prices will fall further.”
Getting back to Bitcoin, what is the larger picture? Bitcoin is set to end yet another week trading over $10,000, representing a 7th straight week in five figures. In Bitcoin’s price history, if one were to go by it, never has the cryptocurrency spent more than 8 weeks over $10,000. Between June to August 2019, the price was over $10,000 for 11 weeks, but this was with a minor drop at the end of July, and in November 2017 to January 2018, only seven complete weeks saw the price over $10,000, before the bear market began.
Going by this data, if Bitcoin closes the next two weeks over $10,000, it would mark a first in its price history. With holders continuing to hodl, this trend is likely to continue, and the price is likely to sustain itself.
Author: Published 24 hours ago