Bitcoin price analysis: BTC/USD recovery capped by $8,200; big whales navigating the market
|- Bitcoin retunes back above $8,000 amid directionless trading.
- Large seller might have caused the decline earlier this week.
Bitcoin recovered from Wednesday low of $7,880 to $8.272 registered during early Asian hours on Thursday. The coin last changed hands as $8,189 with short-term bullish bias.
Bticoin whales come out of deep waters
Bitcoin price fell sharply late on Tuesday, losing over $200 in a matter of minutes, While exerts and traders initially blamed New York Attorney General Eric Schneiderman for that, the true cause might have been related to a single seller unloading a substantial amount of bitcoins.
The sale was carried out by an anonymous owner of 3D2oetdNuZUqQHPJmcMDDHYoqkyNVsFk9r wallet with the total balance valued at $1.49 billion. The amount of bitcoins in the wallet fell by 6,500 BTC on Tuesday with the average selling price at $8,146.70. Additional selling of 2,000 BTC took place early on Wednesday at an average price $7,975.45, according to bitinfocharts.
Bitcoin price technical picture
BTC/USD is trading above technically important levels. Again. Obviously, we are witnessing a high level on indecision on the market, as the price has been moving to and fro around these levels for days now. Hourly 100-EMA and 50-EMA are both located above $8,000 now, at $8,025 and $8,080 respectively, they strengthen the support, provided by $8,100 (61/8% Fibo) and psychological $8,000. If this area is cleared, the downside may be extended towards 200-EMA (hourly interval) at $7,800 and towards the pivotal $7,500. On the upside, the ultimate goal is $8,400 followed by $8,500.
BTC/USD, the hourly chart
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