Stockhead’s Mooners & Shakers: Bitcoin in danger of sub-$20k plunge as whales send coins

Bitcoin and most altcoins have cooled again since yesterday’s small bounce, but the crypto market is generally plodding along OK for the moment. If you think BTC barely clinging to US$20k — or slipping slightly below — is “OK”, that is.

To quote Marsellus Wallace in Pulp Fiction, this level was feeling “pretty f — kin’ far from OK” about a week ago.

By 8am, BTC had already sunk below the $20k mark a couple of times. Half an hour later it was there again.

What next, then? Unfortunately, our crystal ball’s busted, but we can at least give you a bit of a mix from various analytical minds on Crypto Twitter and beyond.

What next, then? Unfortunately our crystal ball’s busted, but we can at least give you a bit of a mix from various analytical minds on Crypto Twitter and beyond.

To be honest, though, not seeing a whole lot of confidence out there, still. And that’s probably fair enough given the contagion risk of over-leveraged crypto firms still offering an unclear and present danger — despite the best efforts of SBF to bail them all out of deep doo-doo.

Also, as “Roman Trading” points out, a bunch of Bitcoin miners are apparently sending “thousands of Bitcoin to exchanges” right now. “Not a good indication for bullishness” indeed.

Add to this the fact Bitcoin whales already sent at least 50,000 BTC to exchanges on June 20 and 21 (according to on-chain analytics firm Glassnode), and it might not be a bad idea to take an extremely cautious approach for the moment. Not financial advice… ah, you know.

Mooners and Shakers is sponsored by Dacxi, the world’s first purpose-built Crypto Wealth platform.

Read the full article: https://www.theaustralian.com.au/business/stockhead/stockheads-mooners-shakers-bitcoin-in-danger-of-sub20k-plunge-as-whales-send-coins/news-story/aee74cd6902743d394b6be9e2f2ad363

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