It’s always useful to monitor major transfers because they often provide us with a hint of where the market is headed. Judging from a recent deposit to Binance, it certainly seems like someone is buying the dip.
Whale Alert (@whale_alert) is notifying its followers today of a major deposit into the cryptocurrency exchange, Binance. In total, 17,587,400 USDT was deposited into the platform in just one transfer.
— Whale Alert (@whale_alert) October 5, 2019
Some are claiming that this deposit may be in preparation for a major buy during this short-term dip. Some leading cryptocurrencies, like ETH and XRP, are already up only slightly on the daily against BTC. Yet, it’s too early to say whether any suspicions of a possible move upward are correct.
Despite Bitcoin’s correction, major market movers are still quite active in the background. Just four days ago, one transaction caught by Whale Alert was of around $49M worth of BTC. The transaction cost was only 64 cents, as BeInCrypto has previously reported.
As of now, the market seems to be tittering on the edge and analysts have been at a loss on what to expect next. There have been voices eyeing a further breakdown to $6,900 whereas others believe that the $8,000 support level will hold. For now, there’s reason to be optimistic. Bitcoin has, despite odds, managed to maintain this support level which is good news in the short-term.
Moreover, if this $17M deposit to Binance is really to ‘buy the dip,’ then maybe this whale knows something we don’t. When in doubt, it is usually smart to follow the money.
Do you think we will see a significant recovery in the short term? Will Bitcoin hold at $8,000? Let us know your thoughts in the comments down below.
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