Bitcoin

Whale groups suggest that this important bitcoin level can trigger an explosive high

Bitcoin (BTC) price seeks to break the $ 60,000 resistance level swing after more than a week.

Whale groups show that The $ 57,046 and $ 60,045 are the key areas for support and resistance in the short term.

In other words, The likelihood of a major breakout in the level in the near future would increase significantly if Bitcoin holds above $ 57,046 and continues to test the $ 60,000 resistance.

Why whale pools are important to Bitcoin

Whale groups suggest that this important bitcoin level can trigger an explosive high
Whale groups suggest that this important bitcoin level can trigger an explosive high

Whale pools arise when wealthy investors buy or sell Bitcoin at a certain price and then stop moving their holdings.

As, Support for whale groups usually serves as a strong macro area of ​​support for Bitcoin, as whales tend to buy more when BTC drops to a level where they originally bought BTC.

On the other hand, A hardiness zone of the whale pool would likely remain a sell zone as whales are more likely to wait until their equilibrium price to sell their positions.

According to whalemap researchers The two main resistance levels for Bitcoin in the short term are $ 60,045 and $ 61,062. On Wednesday the researchers they pointed out::

“BTC is back. So far ricochet off whale horses perfectly. This is a good sign: in downtrends, whale resistances are better than supports and vice versa for uptrends. Whale populations are now back to work, which means the trend has changed. April should be pretty fun. “

Bitcoin whale groups. Source: Whalemap

Since then, Bitcoin price fluctuated and consolidated between the resistance level and the support of $ 57,000.

Based on this trend, The researchers added that this could be the calm before the storm as they expect Bitcoin volatility to spike, which is currently at its lowest level since November 2020.. They write:

“The fight for support resistance is intense. Last week’s levels work pretty well. The $ 60,045 level limits Bitcoin quite well. Is that the calm before the storm? “

Bitcoin trader sentiment is mixed

Known as a Byzantine general after the pseudonym trader, The Bitcoin futures market is severely overheated.

The derivatives market is exploding, while the refinancing rate for BTC futures is steadily rising above 0.12%.

On average, the funding rate for Bitcoin futures is 0.01%, so the market is overheated about twelve times. The dealer He said::

“That looks really bad. A good download would be a blessing. “

Bitcoin price chart with volume and futures funding rate. Source: TradingView.com, Byzantine General

A trader known as NekoZ stated this The technical structure of the Bitcoin market on the 4-hour chart shows that BTC could consolidate longer. but it’s not bearish in the short term.

The dealer He said::

“BTC – H4. I see no reason to be bearish on Bitcoin. I’ll add 2 points to my purchases. As long as we keep making higher lows, there is nothing to worry about.”

Mostly, Traders confirm the view that Bitcoin may see a small retreat from the overheating of the derivatives market, but the macro-technical structure remains bullish.

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