Large entities are increasingly moving large stacks of Bitcoins at record levels, as it slumps to the $33,000 price level amid profit-taking and the surging greenback.
Data from Bitcoin Block Bot, an advanced crypto analytic tracker revealed a large entity moved 4,042 BTC worth $134 million in block 690,084.
Whale alert! ? Someone moved 4,042 BTC ($134M) in block 690,084 https://t.co/SCmbzs8Odv
— Bitcoin Block Bot (@BtcBlockBot) July 8, 2021
The flagship crypto-asset failed to break above the $35,000 resistance with the surging U.S dollar taming such move, as it dropped below the $34,000 price levels with more risk of downsides.
On the FTX exchange, the pioneer digital asset lost about 5% of its value for the day with a market value standing around $624 billion.
Recent price actions suggest bitcoin bulls are holding around the $33,000 support and the 100 hourly SMA.
If the crypto asset remains stable at the $33,000 price levels, chart patterns suggest it could break higher at least for the near term, though Bitcoin bulls will face immediate resistance near the $33,550 level.
The effect of the Chinese crypto ban is also weighing on Bitcoin bulls as Chinese monetary policy officials task its biggest banks on affirming their commitments towards banning crypto services. It’s the latest sign that Chinese regulators plan to do whatever in curbing crypto trading in the world’s second-largest economy.
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At the crypto market, traders or global investors who keep a large stash of the pioneer crypto assets are typically referred to as Bitcoin whales.
The low cost of transferring these crypto-assets when compared to traditional transfer systems such as transactions done through retail financial institutions may attract up to 1% or more of the amount being used to facilitate such payment. This has given the flagship crypto a strong edge among large entities.