Whales Make Macro-Transfers, Is this an Attempt to Manipulate the Market?
- Whale Alert reported two macro-level transactions of 1,698 and 6,000 BTC.
- After four days of consolidation during the past week, BTC spikes on the fifth day
- Spot traders and SMEs could be the victims of Whales’ transfers.
Macro-scale transaction reporting platform, Whale Alert tweeted that 1,698 BTC was transferred from Binance to an unknown wallet. The aggregate sum of this transaction added up to $46,881,503.
Whale Alert reported another large transaction of 6,000 BTC transferred from an unknown wallet to another unknown wallet. The value of this transaction was estimated to be around $165,715,403. These two mammoth transactions raised many eyebrows within the crypto community. This could be an attempt by the Whales to manipulate the BTC market.
The above chart shows that for the first five days of the week, BTC has been moving sideways before it spiked early on the fifth day. BTC was trading at $26.51K when the markets opened for trading. Just a few hours into the first, the cryptocurrency fell below the opening market price and into the red zone. However, it had a quick recovery and crossed above the opening market price.
Since it crossed over to the green zone it has been trading between $26.8K and $27.2K. This period of consolidation came to an end on the fifth day when BTC spiked from $27.12 to $28.46. Thereafter, BTC had a slight fall and is trading at $27,569 at press time.
The Whales may be targeting to take BTC prices close to the purple-marked region on the chart before dumping. The Whales will not allow BTC to reach the next resistance level, as spot traders and other SME organizations would have their take profits close to that area. Moreover, when BTC reaches the purple-marked area there is more trading, hence, the Whales could make gains by dumping.
However, the question is, by how much will the Whales be able to manipulate the market? As per the transaction taking place, it doesn’t seem to be like much and the targeted victims could be the spot traders and SMEs. Nonetheless, if the Whales do not manage to dismantle the prices of BTC, there is a chance that BTC could reach $31,450.
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