The return of this Bitcoin whale portends sales

The Bitcoin whale, which appears to have appeared just before big sales began, has resurfaced.

The whale’s bitcoin portfolio received 6,000 BTC worth $ 56 million yesterday. As a well-known crypto analyst named Capo notes, the wallet received large amounts of BTC just before major market withdrawals at least six times in the past.

“These are the moments when the BTC wallet (3PzdbAwvDJ1MiE87J468MQHtK1CjBbhi8y) receives [loading]. The last time was today. Draw your own conclusions. “

The analyst says he doubts the address is linked to a cryptocurrency exchange due to the relatively slow pace at which it receives BTC. He thinks he is more likely an investor or fund that is preparing to sell.

“He gets BTC, he sells BTC. [There is] a correlation between incoming transfers and price. I don’t think this is a stock market. Exchange portfolios have many more transfers. “

From a technical point of view, crypto analyst Michael van de Pope believes that BTC can turn the $ 9,000 resistance into support. He says Bitcoin must now hold above $ 9,314 to avoid another downward move.

“Keep it green, for a decent reversal of support / resistance, and I think we can see a sequel to the tops of the range. After losing this green zone, I think we will test $ 8,900-9,000. “