Bitcoin technicals sour as price dives under $54K and two critical whale clusters

Bitcoin technicals sour as price dives under $54K and two critical whale clusters

btc whale chartbtc price correctionmap of unspent bitcoinbitcoin whale alertlast bitcoin correctionwhere will btc bottom out,People also search for,Privacy settings,How Search works,btc whale chart,btc price correction,map of unspent bitcoin,bitcoin whale alert,last bitcoin correction,where will btc bottom out,bitcoin whales list,bitcoin price prediction

From 20 years old. In April, bitcoin fell below the $54,000 level, while whalers believe the key areas for a near-term BTC recovery are $56,274 and $55,172.

The cryptocurrency market went back down on Monday after an initial relief rally. Bitcoin volume is up from $57,400. The total cost of the project is estimated to be approximately $54,000. The loss of $55,172 on Wal cluster support was a significant increase over the loss of $55,172 on Wal cluster support.

Whale Cluster. Source: Mapping whales

Bitcoin technicals sour as price dives under $54K and two critical whale clusters

In the short term, it is very important for bitcoin to get above $55,172 and return this as a support level. If not, there is a risk of testing the macro support zone at $51,000.

Why are support areas for whales important?

Whale hoarding occurs when whales or wealthy investors buy or sell large amounts of bitcoins.

Because whales tend to buy bitcoin in an area where they have already bought to protect their position, whale groups are often a positive indicator of strong areas of support.

Analysts at Whalemap, an analytics platform that tracks whale activity, said the whale’s volume was $58,000.

With $58,000 as the area of interest, analysts say $56,274 and $55,172 are important short-term levels to keep an eye on.

Analysts said:

The whale bag was worth about $58,000. This should be a battleground for bitcoin. Currently $56,274 and $55,172 are important supports to keep an eye on for a continuation of the uptrend.

If bitcoin does not recover from $56,274 and continues to fall, it means that the whales are not expanding their existing positions.

In this case, as previously reported by Cointelegraph, there is a risk that the $51,000 macro support level will be retested.

The $51,000 level is critical because if it is breached, it will lead to a collapse of bitcoin’s upper bottom structure, which could jeopardize the entire bull market for bitcoin.

These are the key levels to keep an eye on now, Whalemap analysts add.

There has been a build up to current levels, but if 55k fails, we could easily go back to 47,438 where there is strong support.

Whales and poachers are both responsible for sales

On the 18th. In April, the price of bitcoin plummeted from $60,000 to nearly $50,000 at its lowest point on record.

According to analysts at Whalemap, not only have longtime owners sold, but also whales and large net investors.

You wrote:

Since Whalemap allows us to trace the origin of HODLer parts, we can verify that yesterday’s parts were purchased after the 2020 split. The whale graph shows that the HODLer pieces moved yesterday were in fact both whales and HODLers, since the bubbles are in the same places.

Based on this trend, it is difficult to speculate whether bitcoin will experience a major rally in the near future and resume its upward trend.

1-day BTC/USD price chart (Bitstamp) with key levels. Source: DealerXO

Bitcoin technicals sour as price dives under $54K and two critical whale clusters

Several prominent traders shared a similar view. One pseudo trader, Trader XO, said that while he is not bearish, he does see the potential for a deeper correction.

He said:

BTC No positions available at the moment. It cannot be said that the trace is deeper, in the range of 0.5 to 0.705 fibres. Not bearish – just want a better buying opportunity.

btc whale chartbtc price correctionmap of unspent bitcoinbitcoin whale alertlast bitcoin correctionwhere will btc bottom out,People also search for,Privacy settings,How Search works,btc whale chart,btc price correction,map of unspent bitcoin,bitcoin whale alert,last bitcoin correction,where will btc bottom out,bitcoin whales list,bitcoin price prediction

More Stories
Litecoin Creator Charlie Lee Joins BTCS as New Independent Director – Press release Bitcoin News