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.
Whales Move 28,000 BTC Worth $1.6 Billion Ahead Of Selloff
A whale moved 28,000 BTC worth $1.6 billion at the time to Gemini | Source: CryptoQuant Alerts Beta
Cryptocurrency quantitative analysis platform CryptoQuant