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Bitcoin whale prepares to crash cryptocurrency on Kraken
Unknown whale deposited over 10,000 bitcoins on Kraken
Such a sharp inflow of bitcoins, as a rule, signals an increase in volatility.
Bitcoin Still Stays Bearish in Weekly Range
An unknown large cryptocurrency holder bitcoin transferred almost $ 150 million in a digital asset to the Kraken cryptocurrency exchange in a day
An outbreak of bitcoin inflow has been recorded on the Kraken cryptocurrency exchange. Starting on August 30, an unknown whale (or a group of traders) began to actively supply bitcoin in large batches (12,773 BTC in total).
Thus, an unknown trader in just a day brought about $ 150 million to the exchange at the current rate.
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This sharp replenishment of the exchange’s balance is the largest in the summer of 2020. The last time, the record was set back on June 2, when Kraken received 1,095 bitcoins at a rate of $ 9517.
In the cryptocurrency community, such a sharp influx of assets is usually regarded as a signal for an upcoming increase in volatility..
High alert state
As a rule, the sharp pumping of the exchange with a large volume of bitcoins is one of the main reasons for the local price drawdown..
Given that the sharp increase at the time of writing is only recorded on Kraken, there is no reason to believe that the whales are preparing for a massive collapse in the price of bitcoin..
It is noteworthy that almost always, after a sharp collapse in the price of bitcoin due to the actions of whales, the largest asset in terms of capitalization, basically, was recovering with the same speed and even continued to grow..
At the time of this writing, the price of bitcoin BTC / USDT is $ 11,746.
History repeats itself
Bitcoin has repeatedly tried to break above the $ 12,000 level throughout the summer of 2020, but has always rolled back into the $ 11,300- $ 11,600 range..
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Provided that the leading cryptocurrency in terms of market capitalization manages to withstand the upcoming volatility above $ 11,700, then the cryptocurrency has every chance to easily overcome the $ 12,000 level and aim at $ 13,000 in September.
Nevertheless, on the weekly chart, Bitcoin still remains in the bear zone.
Exactly what levels Bitcoin needs to overcome in the near term – read in our daily Bitcoin analysis.
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