Bitcoin Whale Transfers $1.2 Billion in Two Transactions as BTC Breaks Bullish Flag

Updated:

Reports show that a specific anonymous Bitcoin (BTC) whale has moved a significant number of coins mined in 2010 worth over a billion dollars.

The report noted that every time this whale spends its coins, most of which have not moved in the past decade, the entity spends exactly 20 blocks of rewards or 1,000 BTC. After this transfer, the wallets holding 1,000 BTC disperse the funds into less conspicuous wallets.

Btcparser.com reports that the 20K BTC transaction, which occurred at block height 707,639 yesterday, shared similar splitting mechanisms with the “20×50 awakenings.” The platform believes that the entity spending the two transactions belongs to the same individual or organization.

As mentioned earlier, the unique transactions stemmed from block height 707,639 from BTC addresses “15kEr” and “1PfaY.” 9,900.87 BTC came from the 15kEr address, while 9,975.31 BTC came from 1PfaY.

Both transactions got filtered through 2,819 BTC transfers, with 6,406 inputs recorded in the transaction block. That said, block 707,639 recorded a total of 9,587 transfers, with 78,704,53 BTC dispersed, with the whale transaction accounting for 25% of the transfers.

Subsequently, the 20K BTC got split among 200 wallets, with 100 BTC going into each address. Eventually, the funds got split again and again until they had consolidated into different amounts in smaller wallets. At press time, the whale transactions ran up to a whopping $1.26 billion.

Key Bitcoin Levels to Watch — November 2

As projected in my last analysis, BTC has finally broken above the bullish flag as the benchmark cryptocurrency snapped the critical $63,000 resistance earlier today.

BTCUSD – 4-Hour Chart

That said, the flagship cryptocurrency has yet to record a close above the $64,000 pivot line to secure its renewed bullish bias. As such, bulls need to keep the pressure on and scale the $64,000 resistance in the coming hours to open the way to retesting its recent record high at $67,000.

While a sustained bearish move seems unlikely at the moment, a break below the $62,000 area could stall the bullish projection illustrated above.

Meanwhile, my resistance levels are at $64,000, $65,000, and $66,000, and my key support levels are at $63,000, $62,000, and $61,000.

Total Market Capitalization: $2.73 trillion

Bitcoin Market Capitalization: $1.19 trillion

Bitcoin Dominance: 43.7%

Market Rank: #1

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.