Bitcoin lost the support of $ 7K soon after Huobi received 1K BTC

Data shows Bitcoin fell below $ 7,000 after investors prepared to sell 1,000 BTC on a major exchange.

According to Coin Metrics, the amount deposited on Huobi Global on April 10 before BTC / USD dropped by about $ 250.

“Data Block-by-block can provide some interesting and detailed information have the ability to affect Cryptocurrency market activity. Found this in Bitcoin Flows Data (Bitcoin flow data) of CM early today! ”

Previously, BTC / USD had traded in corridors of $ 7,100 to $ 7,400. While the sudden drop in prices is not surprising for many analysts and traders, those who expect higher levels will not find long-term support as the possibility of a recovery has yet to appear.

At the time of writing, Bitcoin is trading at $ 6,859 and hasn't returned to the $ 7,000 range since Friday.

Looking at the data, Arcane Research asked if the amount of money transferred to Huobi was related to the notorious PlusToken ponzi program?

As previously reported, PlusToken sells off coins that have been accumulated a lot during operations that can create artificial price pressures on the Bitcoin market.

Whale controls the game

Meanwhile, not only bad actors can control the spot price. Late last year, only one whale used huge amounts of cash to protect BTC / USD At a certain price, it seems to win a bet with another whale.

This week, word data Glassnode revealed that the number of whale entities (who hold at least 1,000 BTC) has reached a 2-year high.

The number of wallets containing at least 1 BTC is also higher than ever, indicating a general trend of accumulation at the current price.

‘If the BTC closes below the proper resistance save this weekend ’

Renowned Trader Crypto DonAlt shared his prediction with 138,600 followers on Twitter, saying he was considering three levels of support if BTC closed below the confluence resistance level this weekend.

The marker on the approximate chart in the $ 6,250 area is the highest target among them. Expected bears can push the price back to $ 4,200 - $ 4,000. The central target mentioned by the trader is $ 5,250.

“If BTC closes below the proper resistance save This weekend, these are the levels of support I'm looking for. ”

'Losing this level can cause BTC to drop to $ 5,300'

Trader 'Credible Crypto' is drawing attention to $ 6,400 - $ 6,200, calling them important points on the chart right now. BTC needs to maintain these levels, if not more losses and slide towards $ 5,300. Even so, Credible Crypto believes that BTC will be kept above $ 6,000.

“6,200 - 6.400 BTC is the most important level on the imo chart. As long as that is okay Hold, this is Buy dip option that you are waiting for. Lost that level and we see imo 5.300 dollars. I hope was hold".

TraderX0 has the same opinion, predicting Bitcoin will drop to the area between $ 5,000 or below $ 5,000 if things get worse.

“BTC - Swing on a high time frame establish short. Pham vi or wyckoff - any whichever type you prefer. If the highs are in This region and the price started to close back in the range, I will put target mid or bottom range. Just waiting for act now now. May price rehibilitate increase come back".

Back over 7,000 dollars?

Trader Satoshi Flipper in turn looks more positive, hoping BTC will reverse and rise above $ 7,000. On the other hand, he is also mentally prepared if the BTC breakdown.

“BTC is below 7K Dollar is still a gift to me

This is how I hope this will happen, but be ready in case breakdown

However, if break downI will add one little money for my ALT / USDT pairs

I have a fence short other in case of unforeseen circumstances”.

You can see the price of BTC here.

Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

Thuy Trang

According to AZCoin News

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