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Whales Sold $532M Worth of Bitcoin (BTC) After Hitting $19K

  • Whale Alert revealed that whales have sold $532 million worth of BTC right after hitting the $19,000 mark.
  • This may have caused BTC to experience hiccups, causing it to lose its momentum temporarily.
  • Bitcoin is roughly $1K short of surpassing its all-time high (ATH).

Twitter user Whale Alert made a series of tweets showing that whales have sold $532 million worth of BTC right after it hit the $19,000 mark.

The latest of these whale transactions came from a Coinbase account to an unknown wallet.

Cumulatively, these whales sold 28,935 BTC in the last 17 hours after BTC hit $19,000. This may have inadvertently caused BTC to experience hiccups before attracting more investors again. At the time of writing, BTC is trading at $19,002.07, according to CoinGecko.

Bitcoin suffered a downtrend after whales sold their BTC (Source: TradingView)
Bitcoin suffered a downtrend after whales sold their BTC (Source: TradingView)

As seen on the chart above, whales have sold huge quantities of BTC after it breached the $19K level. This is only $1K short of reaching BTC’s all-time high last December 2017. Also, the relative strength index (RSI) showed that from the moment BTC reached $19K, massive selling happened. This caused it to plummet from an overbought 74 to as low as 40.

Meanwhile, buy orders are now mounting, causing BTC to regain its $19K price despite retreating to $18,600 earlier. In fact, many traders hope that BTC will reach the 1.1382 Fibonacci extension (around $25K) soon.

At the moment, all eyes are on Bitcoin and on whether it will surpass its all-time high in 2017. Also, other altcoins are having their own respective bull runs, especially XRP and Ethereum.

Alan Asis

Alan is a computer programmer who writes for CoinQuora. He claims he would have been an animator or video game creator if he wasn’t in the cryptocurrency industry. He is based in the Philippines.

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