BTC/USD: Bitcoin whale moved 46,835 BTC for less that $3.00

• A Bitcoin whale moved a large amount of BTC to an unknown wallet.
• BTC/USD stays in a tight range with a bullish bias.

Someone transferred 46,835 BTC worth $431million to an unknown address. It was created in September 2019 and it has a history of large transfers, which might suggest that it belongs to a cryptocurrency exchange or a custodian. Anyway, the massive operation caught the eye of the cryptocurrency community, as whales movements have been less frequent after the halving.

Earlier, the FXStreet  reported that Bitcoin transaction fees increased significantly after the halving; however, the sender of this monstrous amount paid less than $3.00 for the transfer. 

Meanwhile, according to the recent research performed by the crypto analytics firm Glassnode, the cohort of crypto whales has been growing steadily. Thus, the number of BTC addresses with more than 1000 BTC increased by 24% since October 2018, which means that Bitcoin investors are net buyers at this stage.

BTC/USD: Technical picture

Meanwhile, BTC/USD is changing hands at $9,250 with marginal gains both on a day-to-day basis and since the beginning of the day. The first digital coin has been locked in a range limited by $9,000 on the downside and $9,300 on the upside since the end of the week.The short-term bias remains bullish, while the volatility is high.

On the intraday chart, the recovery is limited by 1-hour SMA100 currently at $9,285. It is closely followed by the above-said $9,300, reinforced by the intraday high. Once it is out of the way, the upside is likely to gain traction with the next focus on $9,450 (1-hour SMA200, 4-hour SMA50) and $9,600.

BTC/USD 4-hour chart