Source: Bitstamp, Bloomberg
In recent weeks it has become apparent that the crypto winter is coming to an end. For starter, every short-term support position most digital assets have taken, have held up. Bitcoin, for instance, has not fallen below $5,000, since it rallied above it and found support just around it. This has brought much confidence to the market’s recent resurgence and has seen Bitcoin record a 35 percent rally in recent weeks. Now, the leading digital asset has marked yet another major milestone.
According to a report by Bloomberg, Bitcoin has marked its first golden cross in three years. The publication goes on to explain that this milestone is a significant indicator that the bear market has come to an end and the crypto leader is setting up for a massive bull run.
Bitcoin’s Recent Success Coming At A Cost For Most Altcoins
As this indicator lights up, Bitcoin prices have been backing it. In the last couple of hours, Bitcoin has been retesting the $ 5,600 position after successfully crossing over the $5,500 position a few days ago. Through the surge, Bitcoin has been strengthening its dominance in the market, which has seen achieve great stability. Unfortunately, this has come at the cost of altcoins. With most investors moving their money away from altcoins and into Bitcoin, altcoins have suffered marginal to moderate sell-offs, seeing most drag into the red zone.
Nearly Half A Billion Dollars Moved In The Last Couple Of Hours
As I reported a few days ago, bitcoin bulls are in consolidation phase and continue to prepare for a big move soon as the $6,000 psychological position is crossed. Movement by some whales has been an indication that something is cooking. In the last 24 hours, over $415 million in Bitcoin has been moved. This has seen the transfer of around 76,519 BTC from 9 unknown wallets. Out of the 9 transfers, only one transfer has been sent to an exchange. Around 2,520 BTC, valued at around $14 billion. The rest of the transfers have been between unknown wallets to unknown wallets.
This huge asset movement in the wale of such a key phase in Bitcoins back to glory remains shrouded in mystery. Could the recent surge be a bull trap and some bulls are planning to dump Bitcoin? Or, is this a long term holding strategy in preparation for a great rally?
Please subscribe to my profile and let’s catch up on the next piece.