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Bulls will be watching closely to see if Bitcoin price breaks out to $50,000 as whales move

In the past hour, two transactions amounting to 42,970 BTC were made between anonymous wallets. That equates to a figure of $2,098,745,037. At press time, notably, the third-largest whale wallet we have been tracking accumulated another 592 BTC in two days during the near-term Bitcoin price correction. This has been the most significant purchase this whale entity has made in two months.

bulls-will-be-watching-closely-to-see-if-bitcoin-price-breaks-out-to-50000-as-whales-move1

Source: Blockchain

$2,098,745,037 in Bitcoin transferred by crypto whales as Bitcoin price below $50,000

Right now, another 21,485 BTC has been changed. The transfer is done in block 697,944; 697,946 and 697,948. Thus, a total of 64,455 Bitcoins were transferred by crypto whales, generating $3,154,511.86.

Just now, another 21,485 BTC was shifted. The transfers were made in blocks 697,944; 697,946 and 697,948. Thus, a total of 64,455 BTC has been shifted by crypto whales, making it $3,154,511,86. The transferring fee in each of these transactions was a mere $13.

Bulls will be watching closely to see if Bitcoin price breaks out to $50,000 as whales move

BTC/USD 4-hour chart | Source: TradingView

At the time of writing, Bitcoin price is changing hands at $48,041. Earlier today, as AZCoin News reported, BTC was trading in the $49,200 zone.

The third-largest BTC whale is back

Whales who sold 7,500 BTC from $37,000 to $48,000 are likely to break even or get a small profit from Bitcoin blocks accumulated at these prices. Before re-accumulating, the whale entity still held 93.5% of all BTC holdings, signaling a net long position.

bulls-will-be-watching-closely-to-see-if-bitcoin-price-breaks-out-to-50000-as-whales-move

Source: Bitinfocharts

This is still a pretty small purchase, as the whale entity sold 7,500 BTC last month. There are still hundreds of millions of dollars that can be deployed. The question is – when and at what price?

Before the end of the week, BTC looks set to start the weekend on a positive note. BTC needs to hold its current price range and ideally close the weekly high to validate the most significant technical buy signal, which popped up two weeks ago.

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