Bitcoin Price Analysis: Crypto whales helped BTC/USD to extend the recovery above $9,000

The first digital currency climbed above $9,000 during European hours on Wednesday, though the upside momentum remains weak. At the time of writing, BTC/USD is changing hands at $9,083, having gained 2.6% in the recent 24 hours. Bitcoin’s market value has increased to $165 billion, which is 67.3% of the total capitalization of all digital assets in circulation.

Whales start moving again

Large Bitcoin holders transferred 47,835 BTC worth of $417 million after halving. The Transaction fee amounted to just a $1.44, according to the data, provided by Bitcoin Block Bot.

The coins were transferred to the 16^th largest bitcoin-address in terms of the total amount of BTC. While the owner of the wallet is unknown, some cryptocurrency users believe that it may be related to the cryptocurrency exchange Bittrex.

Director of Research and Analysis at The Block, Larry Cermak, wrote on Twitter:

Ok, so this is really odd. These transactions originated from this address, which seems to be affiliated with Bittrex. Now if that's true (and I'm not 100% sure), why the fuck would Bittrex peel users' funds?

BTC/USD: technical picture

Despite the sharp sell-off ahead of halving, BTC/USD is still moving within the upside-looking trend from March 13 low. Strong support created by a combination of daily SMA100, SMA200, 61.8% Fibo retracement for the downside move from February 2020 high and the above-mentioned trendline, served as a jumping-off ground that helped BTC to recover from the recent lows.

The next strong resistance is created by 38.2% Fibo retracement for the downside move from July 2019 high to December 2019 on approach to $9,200. Once it is out of the way, the upside is likely to gain traction with the next focus on $9,500.

BTC/USD daily chart