Bitcoin (BTC) whales are cashing in large quantities, should we be careful?Last week, the Bitcoin Whale sold nearly 60000 BTCs, and as their holdings decreased, traders remained cautious.After Bitcoin continued to rise and break through the $37000 level last week, bulls seem to be making more efforts to maintain this level
Bitcoin (BTC) whales are cashing in large quantities, should we be careful?
Last week, the Bitcoin Whale sold nearly 60000 BTCs, and as their holdings decreased, traders remained cautious.
After Bitcoin continued to rise and break through the $37000 level last week, bulls seem to be making more efforts to maintain this level. As of press release, BTC prices have been trading at $36950 and are facing downward selling pressure.
Bitcoin whales are selling
According to on chain data, Bitcoin whales have been systematically chasing them last week. Famous cryptocurrency analyst Ali Martinez quoted Santiment's data as saying that last week the Bitcoin Whale profited by selling or redistributing approximately 60000 Bitcoins, with an estimated value of approximately $2.22 billion.
Courtesy: AliCharts
In addition, the total position (OI) is currently below the level observed when Bitcoin was valued at $25000, and also below the previous benchmark of the current price. Despite a significant increase in prices, the reduction in open positions implies a possible lack of new funds flowing into the futures market, indicating caution or bearish sentiment among traders.
Some analysts still continue to expect Bitcoin to fall back to $20000, $25000, and possibly even below $30000. Such predictions stem from concerns about regulatory changes, macroeconomic impacts, and the inherent unpredictability of the cryptocurrency market.
Where will BTC prices go next?
If the bulls successfully break through the resistance level of $37033.37, BTC prices will regain momentum and may challenge the upper resistance level of $38082.91 in the short term.
Maintaining prices at this level may pave the way for the market to attempt to reach its year-end target of $40000.
On the other hand, if bears dominate, leading to a loss of momentum, prices may fall back to test the support level of $36000. The sustained bearish trend may intensify, leading to a significant drop in prices and testing the key support level of $33429.29. Popular cryptocurrency analyst RektCapital provides correct insights on possible scenarios and what steps investors need to take.
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