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Bitcoin May Have Hit Wall of Profit Takers Around 19,500

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Bitcoins ascent above 19,500 was cut short early on Tuesday, possibly due to profit taking by large Asiabased investors, according to one analyst. The top cryptocurrency fell from 19,555 to 19,035, with most of the drop unfolding during the two hours to 0600 UTC, according to CoinDesk 20 data. I think Asian whales sold around 19,500 causing prices to drop, Ki Young Ju, CEO of South Koreabased blockchain analytics firm CryptoQuant, told CoinDesk, referring to those with big crypto holdings. He highlighted an increased inflow of coins onto crypto exchange heavyweight Huobi Global, which has a Hong Kong presence, soon before prices began falling.

A total of 2,013 coins were transferred to Huobi in blocks 661,425 to 661,430 just 15 minutes before the price dip, Ju said, adding that block number 661,425 carried 1,017 coins, the highest singleblock inflow on Huobi since Nov. 30. Monday saw 8,836 BTC arrive on Huobi in total, with a mean transaction of 4.5 BTC, the highest since March 2018, according to CryptoQuant. The uptick in the average size of exchange deposits indicates that larger investors were transferring their coins to Huobi and may have liquidated their holdings around 19,500, a level which has acted as stiff resistance of late.

Bitcoin has failed multiple times to establish a foothold above that point since Nov. 25, thought to be largely due to some investors booking profits on fears of a nearterm selloff. At press time, bitcoin has rebounded to near 19,300…

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