The latest Bitcoin (BTC) data for the whales shows that four major short-term price levels can act as liabilities, namely $ 10,369, $ 10,570, $ 10,734 and $ 10,842.
Whalemap, a chain analysis company that tracks the activity of Bitcoin whales and tracks areas where whales, wealthy people, or moving around where they live.
Green clusters point to regions where whales last bought bitcoin. Given the tendency of whales to wait for a breakeven point or profit from sales, groups can act as areas of resistance.
Bitcoin will encounter strong resistance of over $ 10,400 in the short term
Collections show that many whales have a loss or break point in relation to BTC of up to $ 10,842. This also means that there will likely be a large number of whales for sale in the near future.
Whale data also shows that some whales are likely to sell for between $ 10900 and $ 11,100.
Whalemap researchers said HODLER activity has decreased over the past two days, indicating uncertainty in direction. They explained:
HODLER ACTIVITY: It looks like they were very active at 10.9-11K. This is usually a bad sign. However, everything is clear today, and yesterday’s HODLer bubbles are not very active. ”
The deviation time of $ 11,100 BTC corresponds to the collections and where the whale sales start. Bitcoin has also struggled to recover from $ 10,570, which is the second and largest group of whales in the short term.
Bitcoin has continued to decline sharply since falling from $ 11,179 to $ 10,296 on September 21. $ 10,550, $ 10,450, and $ 10,370 were resistance over the past 48 hours.
More than $ 11,000 in whale collections and sales indicate that Bitcoin will likely enter a recession in the foreseeable future. The decrease in whale activity also indicates that a significant increase in volatility is not expected.
Cryptocurrency traders seem to be anticipating a long period of consolidation, at least until September. Given the severity of the decline in BTC over a short period, BTC is likely to remain less volatile.
The sellers share the same sentiments as the whale activity
Bitcoin trader Edward Moura said the trend in Bitcoin prices remains bearish until it closes above $ 11,000. As the groups show, BTC is facing several serious resistance levels on its way to the $ 11,000 level.
Bitcoin’s bleak technology coincides with an unfavorable macroeconomic background. In the short term, weak gold, the stock market, and a strong dollar could increase the selling pressure on Bitcoin. Mora Sa:
“It has been bearish since early September, either above $ 11,000 per day or below uncertain demand.”
Canning Clark, a cryptocurrency technical analyst, said a range of $ 60,000 to $ 10,000 could represent a “bear trap.” The $ 9,600 remains an unfinished deficit, making it a likely short-term target. He said:
“Think about the coming weeks. We need to achieve greater coverage and consolidation. I think the 9.6-10K range will create a good downside trap at some point. We will strive to change the SOS for this.”