Bitcoin Price At ‘critical’ Point As Whale Moves $348m BTC To...
A whale moved 4,000 Bitcoin to Binance, sparking fresh fears of a deeper BTC price drop if the $81,500 support level is lost.
Bitcoin’s (BTC) market is at a “crucial moment” after breaking key long-term support levels, coinciding with large BTC transfers from a digital asset treasury company to a major exchange.
Bitcoin risks plunging into a bear market if it breaks below the True Market Mean at $81,500.
Two wallets linked to Matrixport transferred 4,000 Bitcoin to Binance, fueling fears of a fresh sell-off.
Bitcoin has dropped toward and found support near its True Market Mean (TMM), currently at $81,500, according to onchain data provider CryptoQuant.
The True Market Mean, or the Active-Investor Price, represents the cost basis of all non-dormant coins, excluding miners.
“This level has acted like a psychological line in the sand,” CryptoQuant analyst MorenoDV_ said in a Quicktake analysis on Wednesday.
Related: Bitcoin institutional buys flip new supply for the first time in 6 weeks
When BTC trades above it, investors are generally comfortable, but when this support is lost, the “same level often flips into resistance, as people who bought near the average cost use rallies to exit,” the analyst said, adding:
The chart above shows that the BTC/USD pair traded above this level from Jan. 22 to May 5, 2022. When BTC dropped below this level on May 6, the price lost a further 61%, bottoming at $15,500 in November of that year.
Source: CoinTelegraph
