The sale of 10,000 BTC last weekend continued to impact a drastic fall in the price of Bitcoin up to the $ 30,000 price level.
But by the opening of trading this week, the BTC price has made an increase of over 10% and continued to rise in today’s trading to test the $ 40,000 price level.
The situation is seen to be driven by a statement from Elon Musk's Twitter tweet that gave good news to crypto investors.
The rise made by Bitcoin was also influenced by two purchase transactions this morning involving a total of nearly 10,000 BTC as shared on the Whale Alert twitter tweet.
🚨 🚨 🚨 9,999 #BTC (388,353,954 USD) transferred from unknown wallet to unknown wallethttps: //t.co/wzs5xYJZEf
- Whale Alert (@whale_alert) May 24, 2021
On Twitter, Whale Alert also shared that there are several USDT purchase transactions on the Binance platform in excess of $ 1 billion which may give a sign that large investors are currently preparing to make crypto purchases.
These purchases are indirectly likely to have a more aggressive price increase impact on some of the cryptocurrencies bought by these large investors as purchases by other investors will follow.
🚨 🚨 🚨 🚨 418,078,890 #USDT (418,078,890 USD) transferred from unknown wallet to #Binancehttps: //t.co/Cw2W1mjFsT
- Whale Alert (@whale_alert) May 24, 2021
Probability with a higher rise in the price of BTC, crypto analysts expect that the ‘bull market’ is still not over.
The statement is supported by the current price movement of the crypto market which is not the same as what happened in 2017. This is due to the differences in the situation where the crypto market now continues to get the attention of most large institutions.
The decline made at this time may be just a correction after making a jump of 500% starting in October 2020 trading until Bitcoin reaches its latest ATH in April 2021.
On the BTC/USDT price movement chart, it seems that the Bitcoin price has soared to test the SBR (support become resistance) zone of $ 40,000 at the opening of today's trade after closing yesterday's trade around the price of $ 39,000.
If the price movement continues to break the $ 40,000 SBR (support become resistance) zone, the next SBR level around the $ 50,000 price will be the main target to be tested before the price makes a higher rise and signals a trend change.
But if the BTC price movement fails to break the SBR level, the decline will be expected to re -test the $ 30,000 support level before testing the lower support level.
