Bitcoin Price Falling to $6,400 as $21.7 Mln in BTC Moved by Top Exchange

News
Thu, 03/12/2020 - 09:26
Yuri Molchan
As the price of the flagship currency keeps falling, traders are predicting a further decline in which BTC may shake off another thousand USD
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Contents

The Bitcoin price is sliding fast after dropping from the $7,800 to $7,389 area overnight, as per figures from CoinMarketCap.

The bearish predictions of top traders are saying that BTC is likely to lose another thousand USD. Meanwhile, top crypto exchanges keep moving large amounts of Bitcoin.

‘We are going down FAST’

Dutch analyst ‘Crypto Michael’ tweets that Bitcoin is heading down pretty quickly, setting $6,400 as the next level to be reached.

The co-founder of Titan Ventures, @CryptoNekoZ, is not expecting any bullish movements yet either. On his Twitter page, he writes that Bitcoin is likely to fall below the $7,000 mark.

‘Don't panic. Think logically’

Prominent crypto trader Jacob Canfield suggests that traders stop panicking and get to making a plan that will help them focus. The trader believes that Bitcoin can only go either lower or much lower. He recommends watching out for two levels – the weekly 100 MA and the weekly 200 MA.

“Wait for a reaction. Be patient. No need to rush in front of a moving train.”

Meanwhile, the Bitcoin fear and greed index has hit the level of extreme fear – this signals a good buying opportunity.

Related
Interview with Crypto Michael: Which Crypto to Trade With And How Much Bitcoin Will Cost in 2020

$21.7 mln worth of Bitcoin moved

While Bitcoin continues to decline, giant amounts of Bitcoin keep moving between unregistered wallets and crypto exchanges.

This time, Whale Alert has detected two consecutive transactions in Bitcoin worth around 21.7 mln USD. The transfer was made between crypto wallets of the Binance exchange – the largest player on the trading arena.

As previously reported by U.Today, some in the crypto community believe that Bitcoin whales are manipulating the price to low levels in order to buy more BTC cheaply.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.

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