Tectono Business Review: BITCOIN WHALES PREPARE FOR FORTHCOMING INTEREST RATE DECISION

Saturday 22 July 2023

BITCOIN WHALES PREPARE FOR FORTHCOMING INTEREST RATE DECISION

In view of the imminent Fed interest rate decision which is slated to be released on Wednesday, smart money investors are set to benefit from it.

Consequently, enormous Bitcoin transactions by the whales have been recorded.

In a tweet made earlier today, a blockchain tracking platform, Lookonchain, disclosed that a Bitcoin whale address that had been dormant for 11 years was activated over the past 24 hours, adding that the address transferred its entire balance of 1,037.42 BTC.

According to Lookonchain, the whale had received 1,037.42 BTC on 11 April 2012 and at the time of this transfer, the price of Bitcoin was $4.92.

Furthermore, Whale Alert, stated that 1,890 BTC was sent from an unknown wallet to a popular crypto exchange in the past 12 hours.

Analysts said that if investors react negatively to the interest rate decision, Bitcoin’s price may retest the $29,075 support in the upcoming week.

Conversely, a positive reaction to the decision may orchestrate snowballing of Bitcoin’s price above the $30,000 resistance and also the next major level at $30,815 in the coming days.

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Saturday 22 July 2023

BITCOIN WHALES PREPARE FOR FORTHCOMING INTEREST RATE DECISION

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