An anonymous cryptocurrency wallet holding $43,718,860 of Bitcoin BTC just transferred their funds onto Coinbase.
Cryptocurrency transfers from wallets to exchanges is typically a bearish signal. Most high networth cryptocurrency traders hold their funds on a hardware wallet, as these devices offer better security than cryptocurrency exchanges. Hardware wallets store investors’ private keys offline, securing their digital assets from online hacks.When whales transfer bitcoin onto an exchange, this typically means they are looking for liquidity. It’s unlikely that the investor plans to hold their crypto on Coinbase, as the security risks of holding large amounts of cryptocurrency on an exchange are higher than holding these assets in a hardware wallet. It’s likely that this Bitcoin whale is planning either on selling Bitcoin or trading it for other altcoins.
As for our daily chart we can see bitcoin trying to break across the 44k resistance level, if failing to do so we could see a rejection back to 41k support mark or the ascending trend line. If we see a bullish scenario we could be aiming at the 51k mark as shown on the chart next.
Cryptocurrency transfers from wallets to exchanges is typically a bearish signal. Most high networth cryptocurrency traders hold their funds on a hardware wallet, as these devices offer better security than cryptocurrency exchanges. Hardware wallets store investors’ private keys offline, securing their digital assets from online hacks.When whales transfer bitcoin onto an exchange, this typically means they are looking for liquidity. It’s unlikely that the investor plans to hold their crypto on Coinbase, as the security risks of holding large amounts of cryptocurrency on an exchange are higher than holding these assets in a hardware wallet. It’s likely that this Bitcoin whale is planning either on selling Bitcoin or trading it for other altcoins.
As for our daily chart we can see bitcoin trying to break across the 44k resistance level, if failing to do so we could see a rejection back to 41k support mark or the ascending trend line. If we see a bullish scenario we could be aiming at the 51k mark as shown on the chart next.