The latest development was hinted by Whale Alert via its official Twitter handle a couple of minutes ago. And the full details of the huge transaction was shared via its official website.
The fact that the huge transaction was from an exchange to an unknown wallet, it’s expected to positively impact the price of BTC in the market. But at the moment, no significant impact has been noticed.
As reported by Whale Alert, the huge transfer (47,452.168 BTC) was effected on 27th February 2020, at 04:49:09 UTC.
— Whale Alert (@whale_alert) February 27, 2020
Recent Bitcoin (BTC) Price Trend
Bitcoin (BTC), the largest cryptocurrency by market capitalization was closer to retesting the $10,000 resistance level before it recently faltered. BTC had failed to hold the level as support on several occasions in 2020.
Some hours ago, Bitcoin price experienced further retracement and lost $9,000 support with little hope of surging back to strive for 5-digit prices anytime soon.
As always, some crypto analysts assured that BTC price is trending normally. While some crypto pundits and media have attributed the huge downtrend to the outbreak of coronavirus that emerged at Wuhan, China a couple of weeks ago.
This recent downtrend has negatively affected the growth of other digital currencies due to Bitcoin’s dominance in the market.
Among the top 20 cryptocurrencies, only UNUS SED LEO (LEO), ChainLink (LINK), and Tezos (XTZ) have maintained their prices with no significant losses.
Bitcoin is now priced a bit above $8,500 support level. There is a possibility for the cryptocurrency to experience further price retracement. At the time of filing this report, BTC is trading at $8,774.90, with a relatively 5% price downtrend in the last 24 hours.