47 minutes ago | 2 minutes reading
The crypto market is currently experiencing a bullish rally after a prolonged bear market. Since the updates of Terra’s purchase of BTCs, it is believed to have supported the bull market. After the purchase and other updates, the Bitcoin price action shows the greenish pattern while other altcoins follow the same pattern. Whale activities are growing day by day, while the price value also depends on the whale transactions.
Whale Alert is a blockchain tracking and analytics system that sends out tweets about interesting transactions as they happen. The crypto enthusiasts can see every day how the interesting transactions of different cryptocurrencies are shifted from one wallet to another. Similarly, on March 26, 1,000 BTC were transferred from an unknown wallet to the Gemini exchange by whales.
1000 BTC on the run
Regular cryptocurrencies are being targeted for whales, where it has been a routine for these anonymous traders to transfer cryptocurrencies. Moreover, ETH is also one of the widely used cryptos to keep in wallets. The practice of shifting and storing cryptocurrencies has the constant vision of making more profit in the future.
Currently, BTC has taken uptrend momentum and appears to be testing its crucial resistance level. It is already up more than 18% since March 14 as it hit its resistance barrier at $44,439. At the time of writing, BTC was trading at $44,388, which has risen from $39,611 on March 14 to $44,826 on March 26.
However, this does not seem to be the end of the bear market as BTC still has to break through multiple barriers. The price chart should stretch to $45,666 and $47,758 which are the crucial barriers that BTC needs to break. Clearing this level can help continue a slight uptrend pattern. But rejection in this zone will suggest a weak bull rally and knock BTC to a lower support level. It will move towards the $41,888 support level and if BTC fails to hold this level, a further pullback will lead to $37,033.