Bitcoin whales definitely have an agenda under their sleeves based on recent events unfolding in the BTC market.
According to data obtained from blockchain, an unknown BTC trader transferred over 132,255 BTC estimated to be roughly worth about $1.3 billion in three transactions just one minute apart on June 11.
The cryptocurrency was moved in block 643,133.
The BTC transactions came as the price of Bitcoin was still trading under a key resistance level, $10,000.
What you need to know about a bitcoin whale; A bitcoin whale is used to refer to individuals, or institutions, that hold large amounts of the coins. According to data obtained from Coinmarketcap, bitcoin is presently trading at $9,857 with a market capitalization of $181.3 billion, at the time this report was drafted.
Meanwhile, Bitcoin’s price continues to trade below the $10,000 mark, but the crypto asset remains in a bullish trend as investors have been buying into it each time it drops below $9,500. According to Lookintobitoin creator, Philip Swift:
“The recent confluence of the 200 days moving average and the 128 days MA creates an area of important support for the price. During the 2016/17 bull market, the 128 MA frequently acted as the key support for the price. Again, two weeks ago, price bounced right off it and ran back towards the $10,000 area.”
Some crypto traders, investors are still waiting on the sidelines to see how this situation unfolds. While it is difficult to predict market movements, Bitcoin whales have always shown historically that they often determine Bitcoin’s trend.