Whale Alert tweeted earlier today that millions worth of BTC were transferred to Coinbase over the past 24 hours.
At press time, BTC was changing hands at $26,088.22 following a 24-hour gain of 0.11%.
Technical indicators suggested that BTC’s price may attempt to flip the $26,915 resistance level into support.
Tweets published earlier today by the whale tracking platform Whale Alert suggest that volatility for Bitcoin (BTC) may soon spike. In its first post, the platform revealed that 4,800 BTC, worth $124,954,585, was transferred from one unknown wallet to another unknown wallet.
🚨 🚨 🚨 🚨 🚨 4,800 #BTC (124,954,585 USD) transferred from unknown wallet to unknown wallethttps://t.co/Zz4W6H9Z5d
— Whale Alert (@whale_alert) August 23, 2023
Just 2 hours after this first tweet, Whale Alert shared that 2,910 BTC, worth nearly $76 million, was transferred from an unknown wallet to the leading U.S. cryptocurrency exchange platform, Coinbase. This could be an early indication of a potential BTC selloff in the next few days.
🚨 🚨 🚨 🚨 2,910 #BTC (75,810,489 USD) transferred from unknown wallet to #Coinbasehttps://t.co/Jlw4lUhGnq
— Whale Alert (@whale_alert) August 23, 2023
Despite the looming threat of a selloff, the leading cryptocurrency’s price was able to print a slight 24-hour gain of 0.11%. Subsequently, BTC was changing hands above the key $26K mark at press time as its price stood at $26,088.22 according to CoinMarketCap.
This daily performance was, however, unable to boost BTC’s weekly performance out of the red zone which stood at -10.53%. Nevertheless, the cryptocurrency strengthened 0.13% against the rest of the market. As a result, BTC’s market dominance was estimated to be 48.38% at press time.
Daily chart for BTC/USDT (Source: TradingView)
From a technical standpoint, BTC’s price was trading below the 200-day SMA line at press time. Furthermore, a negative price channel had formed on BTC’s daily chart as well after the cryptocurrency recorded lower lows and lower highs throughout the past few weeks.
BTC was also in extreme oversold territory, as the daily RSI indicator was at 20.27 at press time. Lastly, BTC was trading close to the lower level of the Bollinger Bands (BBANDS) indicator. These 2 technical indicators suggested that BTC’s price may rise in the coming week.
Should this bullish thesis be validated, BTC’s price may attempt to flip the $26,915 resistance level into support within the next 7 days. Thereafter, the cryptocurrency could look to reclaim a position back above the 200-day SMA line at around $27,345.80 before potentially challenging the next major barrier at $28,295.
On the other hand, if BTC’s price continues to drop, then it will most likely test the support level at $24,200 in the following few days. If sell pressure persists, then the market leader’s price may breach this support to reach a low of $22,790 as well.
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