Whales Move $1.6B In Bitcoin Ahead Of Nearly 20% Selloff

Bitcoin price has been in a steady uptrend for months now, but a sudden sharp selloff turned the crypto market into a sea of red today. Ahead of the market turning red, a whale was spotted moving a substantial amount of BTC to a popular cryptocurrency exchange, taking reserves to the highest level all year. Since the deposit was made, nearly 20% has been taken off the price of the leading cryptocurrency by market cap. 

Here’s how on-chain data could have called the move in advance and what technicals are currently saying about the Bitcoin bull run.

How To Get Free Crypto  

Whales Move 28,000 BTC Worth $1.6 Billion Ahead Of Selloff

Yesterday, while Bitcoin price was setting records and nearing $60,000, a whale was making a massive deposit of 28,004 BTC to the Winklevoss twins owned cryptocurrency exchange Gemini.

A whale moved 28,000 BTC worth $1.6 billion at the time to Gemini  | Source: CryptoQuant Alerts Beta

Cryptocurrency quantitative analysis platform CryptoQuant released an alert of the aggregated inflows to Gemini at roughly 2:30PM ET, and warned of the risk of potential dumping. Hours later, the price action began turning down.


The inflows marked the highest level of BTC hitting exchange reserves all year, and overnight the drop continued deeper. Leading up to the New York market open this morning, Bitcoin dove as low as $47,600 for the first time in over a week as shown below.

There’s no telling how many of the 28,000, worth roughly $1 billion at the time, have been sold or left to go, but the market has now been shaken.

Coinbase Banner  

A massive red candle on the daily has been left behind following the 28,000 BTC deposit | Source: BTCUSD on TradingView.com

Technicals Suggest Uptrend Remains In Tact, Whales Can’t Turn The Tides

Bitcoin price suffered a deep plunge early this morning, shaving 17% off the price per BTC. Bitcoin has been in a strong uptrend, and despite the whale-driven selloff, there’s several layers of support that are still holding or remain untouched.

If the steepest uptrend line (dotted) fails, a fall to the next (dashed) trendline could follow. The dashed trendline coincides with horizontal support at $40,000, and would be a roughly 32% drop. The previous correction from $42,000 to $28,000, was only a 30% decline, and might all buyers will allow compared to past bull markets.

Several lines of support remain for buyers to take position at | Source: BTCUSD on TradingView.com

Losing the dashed trendline and $40,000 wouldn’t mean the entire trend is over. Support at $30,000 could be retested, which would also match up with the lowest (solid) uptrend line.


The correction notably takes place at the blue dashed line, which was also a “top” back in August, as well as weeks ago at $42,000.

FreeBitcoin Banner  
Featured Image from Deposit Photos, Charts from TradingView.com

Go to Source
Author: Tony Spilotro

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.