The latest data from Bitcoin (BTC) whale groups shows this Four major short-term price levels could act as resistancenamely $ 10,369, $ 10,570, $ 10,734, and $ 10,842.
Unissued Bitcoin hourly card of the whales. Source: Whale map
Whale map, a chain analysis firm that Tracks activity of bitcoin whalesMonitor areas where whales or high net worth individuals are They collect or move their properties.
The green groups indicate the areas where the whales last bought Bitcoin. Given your tendency to wait to break even or profit to sell, Groups could act as areas of resistance.
Bitcoin faces strong resistance above $ 10,400 in the short term
There are a large number of whales in loss or breakeven by the time BTC hits $ 10,842.. That also means that there are potentially high numbers of them that could sell in the short term.
The whale data also shows that some were likely sold in the $ 10,900 to $ 11,100 range. “HODLer” activity indicates liquidations in this resistance area, which is usually a bearish sign.
The whalemap researchers said HODLer’s activity has decreased in the past two days, showing uncertainty in the direction. They declared:
“HODLer activity: It appears they were quite active at prices from 10.9 to 11,000. This is usually not a good sign. But so far we’re pretty clear for today and yesterday’s HODLer bubbles aren’t showing much activity either. “
The time of the 11,100 BTC rejection coincides with the groups and where the whales started selling. Bitcoin also struggled to climb above $ 10,570, the second and largest group of whales in the short term.
Bitcoin continues to see heavy rejections since its sharp drop from $ 11,179 to $ 10,296 on September 21. The $ 10,550, $ 10,450, and $ 10,370 levels have served as resistance for the past 48 hours.
The pools and sell-off of whales above $ 11,000 suggest that BTC is likely to stagnate for the foreseeable future. The declining activity of the whales also suggests that a sharp increase in volatility is not to be expected.
The HODLer volume of Bitcoin whales. Source: Whale map
Cryptocurrency traders apparently expect a longer consolidation phase at least in September. Given the intensity of BTC’s decline in a short space of time, BTC is likely to remain less volatile.
Traders reflect a mood similar to whale activity
Edward Morrasaid a bitcoin trader BTC price action will remain bearish until it closes above $ 11,000. As the groups show, BTC is facing numerous high levels of resistance on its way to the $ 11,000 level.
Bitcoin’s lackluster techniques coincide with an unfavorable macro-context. TO In the short term, weak gold, stock market and US dollar rallies could add selling pressure on BTC. Morra said::
“It’s still bearish since the beginning of September, bullish either above $ 11,000 daily or below untested demand.”
Galloping Clark, a technical cryptocurrency analyst, said that The range of $ 9,600 to $ 10,000 could create a “bearish trap”.. The $ 9,600 remains an unclosed CME gap, making it a likely short-term target. He said:
“Think about the next few weeks, when we have a lot of leeway and consolidation. I think this 9.6-10km area will set up a good bear trap at some point. I’ll try to change SOS for it. “