One trader follows suit into Bitcoin with a repeat transaction to Binance for 125 million USDT, despite the fact that BTC/USD has yet to react to the Wall Street open.
Bitcoin (BTC) could be ready for a repeat of last week’s run to weekly highs following the announcement by Blockchain protocol Terra that it would purchase another $125 million worth of BTC.
On March 23, a wallet believed to belong to Terra but not officially recognized as such sent another 125 million Tether (USDT) to Binance.
Repetition is the key to 5.6 percent BTC price rises
This week, the Bitcoin price narrative added a new character when Terra co-founder Do Kwon revealed plans to back a new US dollar stablecoin, TerraUSD (UST), with both Bitcoin and Terra’s LUNA token.
The required buy-in totals $3 billion, he told analyst Udi Wertheimer last week, noting that the majority of purchasing had not yet occurred.
The supposed wallet’s analysis confirms that premise, with the initial 125 million USDT transaction arriving at Binance late Monday. BTC/USD increased almost 5.5 percent in the hours that followed.
Now, a similar transaction has occurred, reigniting anticipation that Bitcoin may soon see another $125 million in buyer demand execute in minutes.
Cantering Clark, a well-known trader, analyst, and commentator, saw the move as sufficient reason to enter the market.
“Terra Foundation has recently sent another 125 million dollars to Binance. The last time they did this was just prior to their apprehension of BTC. I intend to follow. If we lose these lows, we will cut and re-evaluate “he informed Twitter users.
At the time of writing, Kwon had not confirmed any of the activity, having previously stated that he had talked too much during the interview with Wertheimer.
The trader asks a $45,500 retest to ensure that he is paying attention
However, as of Wednesday’s Wall Street open, there was no hint of a new positive impulse move in the BTC/USD markets.
The pair traded just around $42,000, having fallen almost $1,200 from the previous day’s highs, according to data from Cointelegraph Markets Pro and TradingView.
“Gotta get above $45,500,” trader, analyst, and podcast presenter Scott Melker continued in his most recent YouTube update of the day, which is still happening as of this writing.
“Anything else is just a tease.”
On the daily chart, he noted that narrowing Bollinger Bands indicated impending volatility, with BTC/USD recently touching the top band.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.