Bitcoin (BTC) fell below $ 7,000 after an investor prepared to sell 1,000 BTC on a major exchange, according to data.
Discovered by the monitoring resource Room measurements, the deposit on Huobi Global on April 10 preceded the drop in BTC / USD by around $ 250.
BTC / USD chart showing the movement of Huobi funds. Source: Coin Metrics / Twitter
Previously, the pair had traded in a corridor between $ 7,100 and $ 7,400. Although its abrupt release did not surprise many analysts and traders, who expected higher levels to fail to find support for long, a rebound has yet to appear.
At press time, Bitcoin was hovering at $ 6,880, having not hit the $ 7,000 area since Friday.
Contemplating the data, carrying out analysis Arcane Search asked if the Huobi prescription could be linked to the famous PlusToken ponzi system.
As reported by Cointelegraph, a series of massive sales of PlusToken, which generated huge sums of money during its operations, have likely created artificial pressure on prices in the Bitcoin markets.
Easy games for whales
Meanwhile, it’s not just the bad guys who can bewitch spot prices with big deals. At the end of last year, a single whale used a huge pool of money to “defend” BTC / USD for a certain price – apparently just to win a bet with another whale.
This week, Glassnode data revealed that the number of whale entities – those with at least 1,000 BTCs – had peaked in two years.
The number of wallets containing at least 1 BTC is also higher than ever, indicating a general tendency to accumulate at current prices.