The crypto market is currently experiencing a bullish rally after a long-term bear market. Since the updates from Terra’s purchase of BTCs, it is believed that it supported the bull market. Following the purchase and other updates, the Bitcoin’s price action displays the greenish pattern while other altcoins follow the same suit. The activities of whales are growing day by day, while the price value also depends on the whale transactions.
Whale Alert is a blockchain tracking and analytics system that sends out tweets about interesting transactions as they happen. The crypto-enthusiasts can watch the interesting transactions of different cryptocurrencies being shifted from one wallet to another wallet each day. Similarly, on March 26th, 1,000 BTC were transferred by whales from an unknown wallet to the Gemini exchange.
1000 BTC On The Run
Mainstream cryptocurrencies are the target for whales, where it’s been a routine for these anonymous traders to transfer cryptocurrencies. Moreover, ETH is also one of the frequently used cryptos to be stored in wallets. The practice of shifting and storing cryptocurrencies has the constant vision to produce more profit in the future.
Currently, BTC has taken an uptrend momentum and seems to be in the state of testing its crucial resistance level. It has already rallied over 18% since March 14, while hitting its resistance barrier at $44,439. At the time of writing, BTC was trading at $44,388 which has surged from $39,611 on March 14 to $44,826 on March 26.
However, this does not seem to be the end of the bear market as BTC still has to break multiple barriers. The price chart should stretch to $45,666 and $47,758, which are the crucial barriers that BTC needs to breakthrough. The clearance of this level might help in continuing a slight uptrend pattern. But rejection at this zone will suggest a weak bull rally and knock out BTC to a lower support level. It will slam to $41,888 support level and if BTC fails to hold at this level then further backsliding leads to $37,033.