Search ForexCrunch
  • Bitcoin price resumes the upside move after a short-lived retracement
  • Whale Alert service registers a large transfer to OKEx account.

Bitcoin (BTC) printed three green candles in a row and hit the new 2020 high at $9,431 during early Asian hours on Wednesday. While the coin has retreated from the intraday high, the long-term trend remains bullish with over 80% of BTC accounts in the money now, according to intotheblock data. 

At the time of writing, BTC/USD is changing hands at $9,327, mostly unchanged since the beginning of Wednesday and up 3.5% on a day-to-day basis.

Bitcoin whales have woken up

Someone transferred 3000 BTC ($ 28,087,660) from unknown wallet to another unknown wallet during early Asian hours on Wednesday. While the purpose of the transaction remains unknown, the receiver of the funds had no intention to hold them as they were redistributed among multiple wallets.

Also, the Whale Alert service registered a large transaction of USDT to OKEx account.

Someone transferred 20,000,000 USDT ($19,825,614 ) from unknown wallet to OKEx, which might have triggered Bitcoin’s rise towards new highs. 

BTC/USD: technical picture

A sustainable move above $9,184 (the previous 2020 high) bodes well for Bitcoin’s further performance. The next bullish target comes at $9,500 – the highest level since November 2019. Once it is out of the way, upside momentum is likely to gain traction with the next focus on $9,850. This barrier, created by the upper line of the weekly Bollinger Band, separates us from pivotal $10,000.

On the downside, a retreat back below $9,000 will negate the immediate bullish stance and bring the coin back into the recent channel. The critical support is created by $8,600. It is reinforced by the middle line of the daily Bollinger Band and closely followed by $8,450 (50% Fibo retracement). The critical support awaits un on approach to $8,000 with SMA100 daily and SMA50 weekly located around that area. Once below, SMA50 daily at $7,800 will come into focus.

BTC/USD daily chart