Analysts say an increasing influx of Bitcoin whales increases the likelihood of a BTC price correction

Since reaching a new all-time high Bitcoin (BTC) price failed to convert the $ 19,400 level into support. This is likely due to the possibility that whales are aggressively selling in the $ 19,400 to 19,600 range so as not to break the all-time high. Above the maximum there is little resistance until a new top is formed.

Bitcoin whale tickets for exchange. Source: CryptoQuant

Whales are selling every time BTC approaches its all-time high

CryptoQuant and Whalemap data show this The $ 19,500 level is an important area for whales.

First, there are large groups of whales for around $ 19,500. This means that the whales bought BTC here and did not move their stocks. what could make it a for-profit region.

Analysts say an increasing influx of Bitcoin whales increases the likelihood of a BTC price correction
Analysts say an increasing influx of Bitcoin whales increases the likelihood of a BTC price correction

Furthermore, Entries by whales on exchanges have increased since the price of Bitcoin topped $ 19,500. This shows that the whales are selling heavily or holding short positions at $ 19,500 and above.

A pseudonymous trader known as “Byzantine General” also stressed that Binance has big sales orders. He noted that the $ 19,500 level would be a tough resistance area for buyers to break.

What could happen in the short term?

In the near future, Analysts disagree on the near-term outlook for BTC. Some say a major correction could still occur, especially if BTC continues to reject the $ 19,500 level.

Ki Young Ju, CryptoQuant CEO, said he expected BTC to move sideways or briefly down. Wrote:

“I’m optimistic for the long term, but I think it will move sideways for a few days or correct itself. I think we can’t go over $ 20,000 in the short term. I expect it will exceed 20,000 by the end of this year. (I’m not a promotional dealer though.) The bottom line is that old school whales have stopped HODLing and I’m bearish for the short term. “

Ki noticed that bitcoin whales stopped accumulating bitcoin at the current price level. He explained that it was difficult to break institutional offerings into cash offers. Still he said The timing of the stagnation of the BTC rally and the sell-off of the whales coincide. Added::

“This US $ 20,000 battle would be between the USDBTC ancient whales and retail investors. And I’m on his side, bearish in the short term. I know that chain data cannot give any indication of inflows from institutional spot offers. But it looks like the current BTC whales have stopped moving, which was good for the bull run. “

Bitcoin (BTC) has seen the largest whale inflows since July, according to CryptoQuant. The data is consistent with the continued rejection of BTC at the $ 19,400 level.

Similar Posts