The big players in the crypto market have generated enough tension during the week sending most major cryptocurrencies to lower levels of daily support, with special emphasis on Bitcoin, which has dropped slightly below 8k after losing advances it achieved days before a series of transfers reported by Whale-Alert, from both the main asset and some important altcoins.
At the time of writing, Bitcoin traded at the spot price of USD 7,963.55 with a decline of -1.18%, thus accumulating a generalized loss of -1.16% in Q4 2019, very far from the + 161.50% reported by the cryptocurrency during Q2 2019, as we can see in the graph below.
If the price of the asset fails to recover above 10k before the end of the year it would be accumulating a double negative performance both in the last two quarters of the current year, as well as in Q4s of the last two years, after its exponential growth to historical highs in Q4 2017.
In general terms, the market looks red in its main references of the top 25, with the exceptions of Bitcoin SV and Tether’s stable USDT with slight increases in its daily performance.
The main reference of the crypto market was the subject of 43 transactions during the week with strong transactions from wallets with unknown addresses directed to the Binance and OKEx exchanges, according to the data collected from Whale-Alert between the period between Monday, October 14 and Friday, October 18, 2019.
The total amount mobilized by these big players in the Bitcoin market was 76,462 units and Binance led the sending-receiving of whale funds with 32,892 BTC, totaling USD 264,592,959, which represents 38.38% of the total funds moved during the period.
The OKEx exchange, one of the oldest and most recognized in the Asian market, was the second choice of whales with 19 transactions for a total of 22,575 BTC moved between the exchange and wallets of these market handlers, amounting USD 182 million, which represent 26.4% of the total funds in Bitcoins moved by the whales during the week.
The mobilization of funds by the whales had its peak this Thursday, October 17, 2019, with the first transfer recording 9,240 BTC valued at about USD 74 million, among unknown wallets, as reported Whale-alert in your official Twitter account.
The previous transaction was the preamble of what would be a hard day for the leading cryptocurrency, where whales managed to mobilize 50 percent of the funds registered during the week. The two huge transactions happened within an hour on the order of 30,000 BTC.
Bitcoin Price Responds to Whale Actions
As a result, the price subsequently collapsed to lower levels of its key support located at USD 8,078, sending the price of the asset further down to a lower support area that made many investors aver that it is vital that the cryptocurrency does not break the red box close to 6k.
For now, Bitcoin struggles to return to the 8k zone, but apparently the depth of its fall is not entirely completed and the whales have again begun moving funds in high quantities, with a transaction towards the Poloniex exchange in the order of 5,000 BTC, as reported by a Whale-alert.
— Whale Alert (@whale_alert) October 18, 2019
If the asset manages to spend the weekend above 8K we could think of a recovery close to five percentage points that would place it in a first target area of USD 8,256 and in the medium term to the level of USD 8,447.
The above could be feasible if Poloniex’s announcement of having the backing of a new investment group that plans to spend more than USD 100 million in development for the company owned by Circle in the USA is finalized.
1/5: We are spinning Poloniex out from Circle into a new company with backing by an investment group that plans to spend more than $100M developing the exchange to offer new features, services and assets to global customers.
— Poloniex Exchange (@Poloniex) October 18, 2019
Ethereum, Binance Coin and Ripple’s XRP were also victims of the Whales
Of the USD 973 million dollars moved by the whales during the week, Ethereum (ETH), Binance Coin (BNB) and Ripple’s XRP token, as well as Tether USDT stablecoin complemented the honor roll of the assets that were subject to manipulation by the great crypto actors.
The most important altcoin by market capitalization trades at an average price of USD 174.58 with a drop of -1.62% in the last 24 hours and descended from its key zone located at USD 177.13.
Ethereum has lost -10.05% in its price during the week since the whales entered its market by moving more than 785 thousand ETH on Monday, October 14, at the start of the day, which pushed the price above the target area of TP2 at USD 187.11 after breaking the resistance indicated by EMA @ 150 days at USD 181.11.
Now Ethereum must break its immediate resistance and leave the descending pattern that it has already begun, with a support wedge that we hope to continue to maintain above the drawn pattern to think of a recovery towards USD 180.00 levels again.
As for the Ripple XRP token, the whales after entering its market with force, by mobilizing more than 150 million XRP in the few last hours, have pushed the price of XRP on the descending trend, losing an accumulated of -3.90% in its price due to the actions of the big players in the market.
This placed the token in a dual position: a rebound to levels above the USD 0.30 zone that it had been achieving before the transfers reported by Whale-alert today, or a more abrupt drop in its price to such deep levels previously reached at EMA @ 50 Dy.
For now, the XRP token trades at a spot price of USD 0.292847.
The market-leading cryptocurrency exchange token, Binance Coin, had a similar behavior to that of XRP after the whales were activated about USD 43.7 million in six transfers that involved 2.4 million dollars last Monday. This resulted in cutting the positive action of BNB token that came after registering the Binance Exchange native currency.
Now the token has fallen fall to its key support in EMA 60 located at the levels of USD 17.51 which was the minimum recorded by the token after the whale action since Monday October 14, 2019. That cut a growth of up to five percent in the price of BNB at levels that are now part of its proposed TP1 target.
The capital levels are quite low for the token, so a recovery to TP1 must go through reversing the current prices and performance at USD 18.20, -1-49%.