Bitcoin Price Prediction – BTC Spikes 4%, Is A New Bull Market Starting?
On November 5, the Bitcoin price was trading sharply bullish, surging over 3% to break above a major resistance level of $21,000. Earlier in the month, the leading cryptocurrency experienced increased volatility due to news out of the United States.
At first, Bitcoin fell from $20,800 to $20,000 after the Federal Reserve raised interest rates by 75 basis points. However, buyers stood firm, and following the release of better-than-expected US employment data two days later, bitcoin began to rise in price.
Consequently, Bitcoin is trading very close to $21,000. Prior attempts to surpass that threshold had both failed, but the asset blasted right through it this time. As a result, the price of a bitcoin rose above $21,500, a high level that was not witnessed for about two months.
Many recently formed cryptocurrency wallets have been virtually emptied by a large whale who is moving over a billion dollars worth of Bitcoin in a spate of transactions. According to Blockchain.com, the wealthy investor has just spent all of the cryptocurrency holdings that were valued at over $1.58 billion, or 74,105 Bitcoins.
The Bitcoin whale's initial transfer of the enormous BTC hoard was split into two parts. The first transaction involves the sending of 50,562 Bitcoin to a wallet whose owner remains unknown, at a value of roughly $1.08 billion as of this writing.
The second transaction saw the whale sending 23,542 BTC to an untraceable wallet, which was valued at approximately $505 million at the time of writing. When examining the whale's behavior more closely, it becomes clear that the investor eventually moved the 50,562 BTC to the same wallet that accumulated the 23,542 BTC.
The crypto whale then moved the massive Bitcoin hoard in a series
Read more on cryptonews.com
