Bitcoin (BTC) gets $500 more expensive in a matter of minutes. Whales behind the move?

BTC/USD has experienced a sharp growth towards $7,700 handle.
Whale transactions may have caused the movement.

Tanya Abrosimova Independent Analyst

Bitcoin (BTC) jumps to $7,770 in a matter of minutes ahead of the US opening. While the coin has retreated to $7,575 by the time of writing, it is still 3.5% higher from the start of the day. All major altcoins follow the lead of the crypto No. 1.

The fundamental reasons for the sharp growth are not readily available, though, a large whale transaction form an unknown wallet to OKEx may have something to do with it.

The whale-alert spotted the transaction and reported in on Twitter:

70,009,991 USDT (70,237,853 USD) transferred from unknown wallet to Okex.

Meanwhile, from a technical point of view, we will need to see a daily close above $7,350 to claim that the short-term picture has improved. The next barrier is created by the middle line of the daily Bollinger Band at $7,700, followed by $8,000.