Cryptocurrency whale aggregators are once again on the lookout as huge amounts of Bitcoin change wallets as the market signals an accumulation period on the Bitcoin-dollar pair. Over the past three hours (as at time of publishing), over 5,000 BTC has changed wallets; one from Xapo exchange wallet constituting a total of 4,300 BTC (~$43.67 million USD) and the other of 985 BTC (~$10 million USD) from an unknown address to BINANCE wallet.
?? ?? ?? ?? 4,300 #BTC (43,665,872 USD) transferred from #Xapo to unknown wallet
— Whale Alert (@whale_alert) February 13, 2020
The large $43 million+ stash signals a possible start of an accumulation as the early traders take their profits and more buyers take up positions in the market. Currently trading at about $10,200 USD across various exchanges after a magnificent 40% hike since the start of the year, BTC looks set for another uptrend with bulls entering an accumulation period.
BTC/USD signals a possible spike to $14,000 USD
Bulls have been able to sustain the buy pressure in the market, maintaining BTC’s price above the $10,000 USD for the third day in a row. Despite the short spike that saw BTC lose over $400 in an hour on 13 Feb, BTC/USD price is rising gradually targeting the near term resistance provided on the hourly chart by the middle Bollinger Band at $10,250 USD.
A cross above this key resistance opens possibilities of BTC testing and breach its 2019 high at $13,900 USD and possibly the all-time high. With high amounts of BTC being transferred to the unknown wallets, and price finally setting pace in an accumulation period, how far are we from crossing the $14,000 USD psychological mark?