Wealthy investors have moved large stacks of bitcoin to record levels as flagship crypto is expected to go back above the $ 50,000 price level.
This is triggered by the relatively strong upward momentum in the BTC market.
A large corporation transferred 13,070 BTC ($ 642 million) in block 673,321 wallet.
Whale alert! 🐋 Someone moved 4,349 BTC (USD 214 million) to block 673,315 https://t.co/h8s6iy3oNK
– Bitcoin Block Bot (@BtcBlockBot) March 5, 2021
Leading crypto strategist Van de Poppe recently spoke about key price levels that could affect the direction of the flagship crypto asset in the short term.
“I’m assuming that once we hold this $ 49,000 zone that we just discussed, we will have to break through $ 52,000 to continue toward $ 56,000. But since this entire region ($ 44,900 to $ 52,000) has become an area-bound construction, I don’t assume we will. “
This is because institutional investors are increasing their buying pressure in the face of recent price corrections in the world’s most volatile financial market.
Long-term supply decreases as HODLers take profits in the bull markets – and increase in the phases of re-accumulation at cheaper prices.
Such data suggest that the bitcoin market is transferring bitcoin wealth from the impatient to the patient.
Data from Glassnode recently showed that the number of flagship cryptos held on crypto exchanges between February 23 and March 2 fell by 2%. This corresponds to around 52,900 bitcoins.
At press time, the flagship crypto asset was trading on the FTX exchange at $ 49,126.38, with a daily trading volume of $ 47.2 billion. Bitcoin is up 0.89% that day.
While it is often difficult to predict market movements, such companies have shown in the past that they are often driving the trend for Bitcoin.