As Bitcoin momentarily reclaims $84,000, the fluctuations are increasing amid larger transfers. Recently, the market has witnessed more than 2,000 Bitcoins transferred from AntPool, a Bitcoin miner.
This sparks a debate of a potential selling spree by Bitcoin miners, warning of potential downfalls. Will Bitcoin survive the short-term bearish scare for an extended recovery to $91,000? Let’s find out.
Bitcoin Price Analysis Suggests Bullish Spike to $91k
In the daily chart, the Bitcoin price trend showcases a bullish breakout of a resistance trend line. Entering a sideways shift, BTC price sustained above the 23.60% Fibonacci level at $83,300.
Bitcoin is currently trading at a market price of $84,089, witnessing an intraday recovery of 0.48%. Bitcoin is floating above the 200-day EMA line.
However, the short-term consolidation over the past week reflects a bullish struggle to sustain above the 200-day EMA line. Furthermore, the consolidation increases the possibility of a bearish death cross between the declining 50-day and 200-day EMA lines.
Nevertheless, the short-term revival in Bitcoin bullish sentiments drives a positive trend in MACD and signal lines. Hence, the momentum indicator supports the possibility of an extended recovery in BTC prices.
Based on the Fibonacci levels, a positive trend will likely challenge the 100-day EMA near the 38.20% Fibonacci level at $87,673. In case of an extended recovery, the 50% Fibonacci level at $91,200 is a potential price target.
On the flip side, the crucial support remains near the $80,000 psychological level followed by the $76,252 baseline.
Is AntPool Ready for Offloading Amid Large Transfers?
AntPool, one of the world’s leading Bitcoin mining pools, has scared the crypto market with the recent transfer of Bitcoin in the past 24 hours. Whale Alert has highlighted 1,009 Bitcoin being transferred from AntPool to an unknown wallet.
The unknown wallet is not linked to any major institution or exchange. Hence the optimistic crypto traders anticipated a strategic transfer for safekeeping.
In a previous post, Whale Alert shared 1,000 Bitcoin being transferred from an unknown wallet to AntPool. This is roughly valued at $83.68 million.
With both the transfers on April 16, the total amount reached 2,009 BTC or $168 million. The large transfer has led to a major scare in the market of a potential offloading spree by a crypto mining pool.
If Bitcoin miners are likely to offload in the current times, the downfall in BTC price will likely break under the $80,000 support level.
Analyst Spots Crossroads for Bitcoin
Amid the short-term scare of Bitcoin miners booking profits, Ali Martinez, a crypto analyst, is projecting Bitcoin trapped in a consolidation range. The analyst highlights Bitcoin is creating strong support at $83,200.
Based on the parallel channel, the uptrend in Bitcoin is likely to witness a rebound to the centerline near $84,500. Optimistically, this could lead to a breakout rally to the upper boundary near $85,800.
However, the analyst also highlights some major profit booking by crypto whales in the recent rally. Based on the data from CryptoQuant, the analyst highlights an offloading move of 29,000 BTC since April 9.
This drops the total whale holding in Bitcoin from 3.5422 million to 3.5131 million. Amid such conditions, Bitcoin is likely to witness a minor surge in selling pressure.
Read more: Will US Govt’s 198K BTC & Laws Drive Bitcoin Surge?
