Bitcoin Bullish Fakeout and $313 Million Sent to Unknown Wallet

December 5, 2019 2:00 AM UTC

Bitcoin saw a pretty significant bullish fakeout yesterday, surging up to $7750, a move that only lasted for 6 hours before the crash that took Bitcoin back to where it was before the bull move.

This is actually an example of a ‘joke’ pattern called the Bart Simpson pattern where a digital asset sees a huge spike to the upside/downside and then trades sideways for a bit before spiking into the opposite direction.

After the crash Bitcoin daily chart hasn’t changed much and the bulls are still looking for that higher low compared to $6515.

Bitcoin Longs Continue to Increase

Bitcoin Long positions are still increasing on Bitfinex and are on the verge of setting a new all-time high. This could lead Bitcoin into a Long squeeze. Had yesterday’s crash been more significant, the long squeeze would have definitely happened.

Yesterday, someone moved 43,564 BTC ($313 million) to an unknown wallet from Bittrex. No one knows exactly what this transaction means as some people are speculating that Bittrex might have moved its funds into another cold wallet, however, the exchange hasn’t confirmed anything yet.

People are concerned about a possible Bittrex hack too as the address where the Bitcoin was sent is brand new. No transaction test was performed either, something that it’s usually done for transactions of that size.

The official Twitter of Bittrex did answer a concerned user asking if they were hacked with ‘No, that claim is false’.

However, it’s still weird that the exchange wouldn’t post an official tweet or post somewhere to inform their customers about it.

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