Bitcoin whales push more large transactions while Bitcoin fails to break $45,000
Following the consolidation of bitcoin in the cryptocurrency market, whales began trading much larger transactions than ever before, such as Santiment reports. The reason behind this could be the redistribution of funds or indeed the emergence of purchasing power.
According to the provided data, more than 13,400 transactions with a value greater than $1 million have been made by whales in the last three days. Such a spike in volume might be tied to the price action of the first cryptocurrency.
On February 28, Bitcoin suddenly rallied to $44,000 and later tested local resistance at $45,000. Previously, Benjamin Cowen marked Bitcoin’s strong point of resistance which remained at a 21-week moving average. According to the analyst, the bulls and bears were actively fighting for it, but according to the current situation on the chart, the bulls probably failed to push the price through.
Another metric speaks in favor of the increased number of transactions larger than $1 million in trading volume on the market. According to TradingView, Bitcoin has faced a spike in the volume of funds circulating on the market since Feb. 28.
Many analysts have previously noted that the increase in volume on the network and the circulation of funds may be related to the internal distribution of funds of large centralized exchanges due to the rapid change in the shape of the market.
At press time, Bitcoin trades at $43,400 and has unfortunately lost 4% of its value in the last 24 hours. Other cryptocurrencies are also facing a slight retrace.
