Over $208,000,000 in Bitcoin Transferred to This Exchange, Just as Monthly Candle Closed Bearish
In a span of hours, two significant Bitcoin transactions caught the attention of crypto enthusiasts and analysts alike. A colossal sum of 4,000 BTC, amounting to roughly $104,057,443, was moved from an unidentified wallet to the Bitfinex exchange. Nearly simultaneously, another 4,000 BTC, valued at approximately $104,004,357, transferred hands from one unknown wallet to another.
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The Bitfinex Connection
The Bitfinex transfer is particularly intriguing for several reasons. Firstly, large transfers to exchanges often signal an intent to sell, possibly pressuring the already volatile Bitcoin market. Secondly, Bitfinex has historically been a hotspot for crypto trading activity, often indicative of larger market moves.
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Show more +On the other hand, the equally large transfer between unknown wallets keeps analysts guessing. Such internal movements could signify anything from basic asset management to preparation for an over-the-counter (OTC) deal. The ambiguity surrounding these transactions adds another layer of complexity to Bitcoin’s current market status.
A Bearish Twist for Bitcoin
Amidst these large movements, Bitcoin’s monthly candle closed in a bearish position for August, reports Rekt Capital. The leading cryptocurrency finished the month below the critical support level of ~$27,150, consequently turning it into a resistance level.
The Technicals Speak
For those still optimistic, the next major monthly support now stands at ~$23,000, having lost the previous ~$27,150 threshold. If Bitcoin fails to rally in the short term, we could very well see the price sinking towards this new floor in the coming weeks.
With over $208 million in Bitcoin changing addresses and bearish market signals dominating the charts, September looks set to be a pivotal month for the flagship cryptocurrency. As always, the market waits with bated breath for Bitcoin’s next move.
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