NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Bitcoin Jumps 10%, PlusToken Moves $100m of Ethereum; Can it End the Rally?

Nick Chong
Nick Chong
1 year ago
3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Bitcoin didn’t start the week off hot. On Monday and Tuesday, the leading cryptocurrency tanked, falling by 10 percent in 48 hours’ time. Altcoins followed suit, with Ethereum’s price performance actually going into the red on the year, accentuating the severity of this strong sell-off.

Though, it seems that bulls aren’t going gentle into this good night. Wednesday, Bitcoin suddenly shot higher, rocketing 11 percent higher over a relatively short 12-hour period, reclaiming key support levels in the mid-$6,000s, then low-$7,000s.

Related Reading: Breaking: As Bitcoin Reclaims $7,000, Bakkt Volume Explodes to New High

Clearly, this reversal rally has legs. Though, the optimism that this upward move brought was quenched when Twitter bot “Whale Alert” revealed on Wednesday evening that PlusToken, one of the largest cryptocurrency scams ever, transferred a large amount of Ethereum to an “unknown wallet.”

Due to the narrative that PlusToken’s liquidations are the key driver behind Bitcoin’s decline, this transaction led to fear that another dump, one that may bring BTC to new lows, is on the horizon. But is this really the case?

broke: plustoken will mix ETH, send to exchange, dump

woke: plustoken will open ETH short positions, move stack around, watch panic unfold, profit, repeat

— Matteo Leibowitz (@teo_leibowitz) December 19, 2019

$100 Million Ethereum Transaction Scares Investors

One of the many beauties of public cryptocurrencies is that the blockchain backing them are simultaneously pseudonymous and transparent, meaning that you can look into, say, the number of Bitcoin in existence but not know who (or what) owns coins. The pseudo-transparency exhibited by cryptocurrencies (especially Bitcoin) has created an industry and art around “chain analysis,” which gives researchers a way to delve into the cryptocurrency economy in ways others can’t.

This has proven to be very useful.

Case in point, Wednesday night saw Whale Alert report that 789,525 ETH, valued at $105 million as of the time of the transfer, was transferred from an address operated by the operators of the PlusToken Wallet scam to an “unknown wallet.”

Due to the timing of this transfer — it came after Bitcoin rallied by 11% in half a day — many feared that PlusToken was looking to capitalize on the opportunity and dump millions worth of cryptocurrency on the open market.

🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 789,525 #ETH (105,099,509 USD) transferred from PlusToken to unknown wallet

Tx: https://t.co/9kTSZy7Y1G

— Whale Alert (@whale_alert) December 19, 2019

The Ether held in the PlusToken-affiliated address hasn’t moved since it was deposited there some seven hours ago (as of the time of writing this). Also, the wallet the coins were sent to is seemingly new, not an exchange wallet.

These two factors about the transaction suggest that PlusToken currently doesn’t intend to dump the coins, meaning that a secondary reversal to a downtrend has a lower likelihood of taking place.

Related Reading: Bitcoin Indicator “Screams” Price Capitulation is On Horizon; Here’s Why

Further Bitcoin Reversal Rally Likely, Indicators Show

It appears that the reversal trend that Bitcoin exhibited on Wednesday may persist until the end of the week, maybe even later.

Per previous reports from this outlet, due to Bitcoin’s strong performance on Wednesday, the chart of the cryptocurrency posted a bullish engulfing candle, indicative of a trend reversal. This candle also validates the existence of two bullish divergences between the price and the one-day Relative Strength Index and Moving Average Convergence Divergence (MACD).

That’s not all. Tuur Demeester, a prominent cryptocurrency fund manager and commentator, noted that Bitcoin’s latest bounce has seen BTC hold a key logarithmic uptrend line, something essential for the bullish argument.

We've now twice tested the support level—what a thriller. pic.twitter.com/KJCerXNHaf

— Tuur Demeester (@TuurDemeester) December 18, 2019

 

Featured Image from Shutterstock
Tweet123Share196ShareSend
Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Bitcoin Exchange Inflows Spike After $123,000 Peak – Signs Of Short-Term Cooling?

Bitcoin (BTC) surged to a new all-time high (ATH) of $123,218 earlier today, pushing its market cap beyond $2.4 trillion....

Ash Tiwari 3 hours ago
Bitcoin Price Breaks $100K

Bitcoin Price Retreats After Hitting ATH — Bulls Pause for Breath

Bitcoin price started a fresh increase above the $118,500 zone. BTC traded to a new high above $120,000 and recently...

Aayush Jindal 3 hours ago

【全新升級】Bitunix整合TradingView圖表系統 打造移動裝置專業加密交易 

隨著全球加密市場逐漸邁向成熟,交易者對於圖表分析與下單體驗的要求也日益提高。作為全球成長最快的加密衍生品平台之一,Bitunix 率先將TradingView完整整合進其Web與App端,實現跨裝置一...

Peter Chow 4 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

memecoins, crypto, trump, memecoin

Top Crypto Exchanges Made $172 Million From TRUMP Memecoin Listing – Report

Rubmar Garcia 39 minutes ago
Spot Volume Drop on Binance Preceded Bitcoin’s Price Surge, Data Shows

Spot Volume Drop on Binance Preceded Bitcoin’s Price Surge, Data Shows

Samuel Edyme 2 hours ago
Ethereum Price Rallies Above $3,000

Ethereum Price Fails to Hold Momentum Above $3K — Correction Ahead?

Aayush Jindal 3 hours ago

Premium Sponsors

Press Releases

  • Aceste 3 monede sub 5 lei ar putea transforma o investiție de 1.000 RON în 10 milioane RON până în 2027

    Aceste 3 monede sub 5 lei ar putea transforma o investiție...

    6 minutes ago
  • How XRP Users Can Make $1 Million from $100 in No Time at...

    5 hours ago
  • Aceste 3 monede sub 5 lei ar putea transforma o investiție de 1.000 RON în 10 milioane RON până în 2027

    2 достъпни криптовалути с...

    9 hours ago
  • Aceste 3 monede sub 5 lei ar putea transforma o investiție de 1.000 RON în 10 milioane RON până în 2027

    2 megfizethető kriptó 9000%-os potenciállal, olyan...

    11 hours ago
  • 2 cenovo dostupné kryptomeny s potenciálom 9 000 %, podobne ako kúpa Etherea za 8 dolárov začiatkom roku 2017

    2 cenovo dostupné kryptomeny s potenciálom 9 000 %...

    12 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.