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$1.2 Billion Worth of Bitcoin Moved as It Breaks Through 2-Week-Old Falling Wedge Pattern

Tue, 12/21/2021 - 13:46
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Arman Shirinyan
Bitcoin transactional activity spikes as it breaks through popular technical pattern
$1.2 Billion Worth of Bitcoin Moved as It Breaks Through 2-Week-Old Falling Wedge Pattern
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Two large transactions appeared on the Bitcoin blockchain as the market has started rebounding, with the first cryptocurrency gaining 7% to its value in less than 24 hours.

$1.2 billion transferred

According to data from the Whale Tracker Twitter bot, two unknown wallets have transferred more than $1.2 billion worth of BTC in all. Both wallets sending and receiving funds were tagged as "unknown."

The first transaction worth $736 million appeared on the chain at 11:11 a.m. UTC and was sent to a wallet that currently holds the received funds only with no additional transactions appearing before or after.

Large Bitcoin transaction
Source: Whale Alert

The sender wallets also have not been noticed receiving any other recorded transactions previously and hold no funds except those sent previously.

The second transaction was made from a wallet with a greater number of inputs from various addresses on the blockchain. But the recipient wallet address is another "empty" one with only one transaction recorded.

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Most likely, the two transactions were part of an internal funds transfer or an OTC exchange since both addresses do not have any exchange tags.

Bitcoin breaks through strong pattern

The increased activity of wallets on the Bitcoin blockchain could have been tied to the strong technical pattern break that the cryptocurrency made earlier in the day. Bitcoin broke through a 14-day trendline that was acting as a support of the current local downtrend after bouncing from the bottom line of a falling wedge.

Bitcoin Daily Chart
Source: TradingView

The majority of the trading community expected a spike in volatility after Bitcoin breaks through the wedge in either direction. The pattern itself also implies that the financial asset would face a volatility and volume increase in the event of a breakout. With Bitcoin, volatility remains average with the cryptocurrency gaining approximately 1-2% after the breakthrough.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.