Connect with us

Altcoin News

Bitcoin Stays at $19K – Whale Transfers Dormant 500 BTC



Bitcoin Stays at $19K – Whale Transfers Dormant 500 BTC

United States – Bitcoin or BTC erases traces of volatility after a dreary weekend. On another note, BTC whale transfers about 500 BTC, which has been dormant for about five to seven years.

Bitcoin, trading at $19,189, clings to its $19,000-level. Analysts warned traders about the moment when volatility was overdue. According to the analyst, the volatility of BTC is a matter of time.

The data from TradingView and Cointelegraph Markets Pro recorded a dull weekend for BTC/USD after this pair didn’t move at all during the out-of-hours crypto trading.

Bitcoin returned to the altcoin’s original place, where it didn’t show any sign of movement. It only stayed in the established range after the United States or the US economic report.

The CEO of Eight and founder, Michael van de Poppe, stated the unpredictability of BTC to return at its high price. According to the CEO, it’s only a matter before significant volatility affects the crypto market after consolidating prices for four months.

This week’s macro figures could start a run to a week of highs for the pair BTC/USD. A commentator named iL Capo of Crypto said there might be a relief rally in the bear market, pushing the price up to $21,000 before the downside starts. This analyst posted on Twitter, revealing a belief that the whole crypto mart will earn. The analyst also added that capitulation will occur, but not yet now.

BTC finished at 1.5% compared to the previous month. The movement is the worst movement since 2018, and it’s short of the 40% gains from last year.

On the bright side, crypto market participants look at the ongoing connection to stock markets as evidence that the short-term chances for BTC were not very optimistic.

On another note, an analyst from CryptoQuant shared a post about the transfer of 500 BTC after the 5,000 BTC shift. The transferred altcoins were dormant for about five to seven years.

The SOAB or Spent Output Age Bands explained how many altcoins the BTC age bands transferred. The move will show up with a spike if the altcoin moves to another wallet. The price will move as a spike under the SOAB for two to three years. However, the move was from a relevant age band of five to seven years.

The output spike amounted to around 500 BTC, and a whale possibly moved the altcoins. The transfer is still smaller than the 5,000 BITC, but it’s still sizeable.

The SOAB’s exchange inflow might have hit about where the recent transfer go.

Continue Reading

Pin It on Pinterest

Share This