Bitcoin lost support of $ 7,000 as soon as 1,000 BTC was deposited into Huobi

Has Bitcoin finished its bottom?

Bitcoin (BTC) has dipped below the $ 7,000 threshold after an investor was willing to sell 1,000 BTC on a major cryptocurrency exchange, new data shows.

According to data from monitoring resource Coin Metrics, this huge amount of BTC was sent to Huobi Global on April 10 before the BTC / USD pair lost about $ 250.

The BTC / USD chart shows the moment when 1,000 BTC was loaded into Huobi. Source: Coin Metrics
The BTC / USD chart shows the moment when 1,000 BTC was loaded into Huobi. Source: Coin Metrics

Earlier, the price of BTC was trading in a narrow corridor from $ 7,100 to $ 7,400. While this drop does not surprise many analysts and traders who expect high levels will not find long-term support, a rebound has yet to appear.

At the time of writing, Bitcoin is hovering at $ 6,880 - unable to reach $ 7,000 again since Friday.

Considering the above data, the analysis firm Arcane Research has questioned whether the huge amount of BTC deposited into Houbi is related to the notorious Ponzi scheme Plus Token.

As Toiyeubitcoin reported, a series of sell-offs from PlusToken - projects that generate large amounts of money during operation, are likely to cause artificial selling pressure on the Bitcoin market.

Easy game for whales

Meanwhile, it is not only the bad actors that can control spot prices with large transactions. At the end of last year, a whale used a huge amount of cash to keep the BTC price at a certain price - which only seemed to win a bet with another whale.

This week, data from Glassnode revealed that the number of whales - entities holding at least 1,000 BTC - has reached a two-year high.

The number of wallet addresses containing at least 1 BTC is also higher than ever, which shows the general accumulation trend at the current price.

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According to CoinTelegraph
Translated by ToiYeuBitcoin