Analysts today are looking at a new minor mystery with the most popular household name cryptocurrency on the planet.
Ali Raza reports over on Cryptopotato that a “big whale” moved $3 billion worth of Bitcoin between two digital wallets, speculating that some major party may have been moving the assets into or out of the OTC market.
Raza seems to finger the Coinbase exchange as the mover, explaining that the exchange cited maintenance as the reason for Bitcoin transfers.
“Checking out a Coinbase announcement, which was made on November 29, 2018, it is highly likely that the cryptocurrency exchange was the one behind the huge money movement,” he writes, suggesting that Coinbase was setting up redundant structure for its financial network.
“Coinbase stated that the exchange would be running scheduled maintenance across its platform in seven days after the announcement,” Raza writes. “According to Coinbase, the maintenance could cause ‘movements’ on all Coinbase-supported blockchains.”
The bear market, he says, led to relatively low fees for transactions.
Elsewhere at Cryptopotato, you’ve got Yuval Gov looking at today’s trading session and finding that a tighter range suggests Bitcoin may be set to pick up and take off somewhere.
“As we know from the recent weeks, Bitcoin doesn’t like to consolidate for a long term,” Gov writes. “Hence, I do expect a significant move soon.”
Gov also looks at the Bollinger bands and notices they are very tight – reminding readers that last time these indicators were this way, Bitcoin moved about $300 up from its $3,900 price point.
Looking at Bitstamp one hour and one day charts, Gov notes a “major descending trendline” as a decision point and reveals that the stochastic RSI is reaching overbought status.
“The market will need some air before a possible continue (sic) upward,” Gov writes.
If sudden movement of Bitcoin makes observers nervous combined with the low current price point, consider that there are also powerful forces acting on BTC from both sides of the market.
Detractors want to prove that cryptocurrencies are too unstable to provide the foundation for tomorrow’s finance world – while enthusiasts want to show that eventually, governments and businesses will get on board. Keep following the short-term and long-term trends as BTC continues to pinball around the market.
