Bitcoin (BTC) fell as low as $37,000 with heavy selling after 17:15. The price, which exceeded $ 39,000 yesterday, erased $ 2 thousand in just 24 hours. So how long will the Bitcoin decline continue? Which altcoins started to be sent to exchanges?
Sending This Altcoin and Bitcoin (BTC) to Exchanges
Within hours, cryptocurrencies from unknown wallets began to be transferred to exchanges. It is thought that these transfers made by whales are used in sales. Whales taking action to sell may be aiming for bigger bottoms in Bitcoin price.
Major cryptocurrency transfers to exchanges;
708 BTC to Coinbase exchange
000 BTC to Coinbase exchange
$20 million worth of USDT from Huobi exchange to unknown wallet
052 BTC to Coinbase exchange
$25M worth of USDC from NEXO to unknown wallet
$52 million worth of Ethereum (ETH) was transferred from an anonymous wallet to the Binance exchange.
It is thought that these transfers may be related to the decreases in sales.
Why Is Bitcoin (BTC) Falling?
First of all, it is unlikely that the price will hold above the $38,500 resistance level any longer. The price, which targeted $40,000 yesterday, unfortunately failed and fell back to the previous level of 37,000. The price must soon surpass $39,500 to signal a clear reversal. Otherwise, $32,000 and $29,000 support may be the next stop.
On the four-hour chart, the MACD is negative and the RSI has dropped back to the 30 zone. The bulls, which could not reach the over-demand zone, seem to be weakened by the selling of the bears for now. Bitcoin finds buyers at $ 37,460 at the time of writing. Coming FED rate hikes and regulatory risks are making investors nervous, and if we don’t have a positive February, we may go down to $20,000 levels, which was much talked about in last year’s decline, with the negative news coming next month.