The Bitcoin price plunged from $8,070 to $7,840 and Whale Alert warns that before the plunge, 10K worth of BTC was sent to Binance and this could be the reason for the massive drop in price as per the Bitcoin price news.
In just a few hours, the price plunged to $7,840 in a staggering red candle. Before the dump, a huge bitcoin transaction took place where more than $80 million were sent to Binance. At the time of writing, Bitcoin is trading at around $7,900 marking a decline of more than 1.1 percent in the past 24 hours. Its current market cap is standing at $143 billion while the Bitcoin dominance rate is 66.1 percent.
What is most interesting is the notable transaction that took place hours before the dump. The Whale Alert warns on Twitter than someone transferred 10,000 BTC to Binance which is worth around $ 80 million and it is now questionable if the money was used to drag the price down. All of the other cryptocurrencies are very suspicious as well. One positive note is the transaction cost which was minimal as its miner fee was just $1.73. So far, there has been no explanation from Binance in regards to the huge transaction. Also, just a few days ago, CryptoPotato reported that the price of Bitcoin had plunged below $8,000 again and that the current situation looks fairly similar.
Bitcoin is now trading at slightly less than $7,920 but the key area to watch is between $7,000 and $7,800 which has served as a key support level twice so far. If the price drops below these levels, we could expect it to go further to $7,500 rather quickly. From there, the next major significant support is at $7,200 which is the Golden Fibonacci level as it is measured from Bitcoin’s all-time high back in December 2017. The closest level of resistance is $8,000 and after this level, we should be expecting a new one at $8,200. If these two levels get breached, the next stop upwards should be around $8,300. It will be very interesting to see how the Bitcoin price will shift over the past few days. The long-awaited volatility seems to be back and we should expect an interesting weekend action.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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