Bitcoin has been supported by the dynamic and static support levels on the daily frame. However, from an onchain perspective, the intensity of whale activities is signalling a possible sell pressure in short term. It remains to be seen if it can be absorbed by the buyers and seeing bitcoin breaking above the next major resistance around $48K.
By: Shayan
Bitcoin has been supported by the 100-day moving average and the $40K-$42K support zone simultaneously. The next major resistance area will be the $48K zone and the 200-day moving average. A new all-time high will become more probable if Bitcoin successfully breaks and consolidates above these two levels.
On the 4H time frame, the price is currently testing a major bearish trendline. If it can break this trendline, the next short-term resistance will be the $45.7K level (Blue horizontal line). However, a pullback to the demonstrated bullish trendline is expected if the price is rejected from the mentioned levels. A breakdown from the ascending line may cause BTC to drop deeper and test the $33K bottom.
By: Edris
Historically, high values of the whale ratio metric have led to a price correction. It is calculated by dividing bitcoin’s top 10 inflows to exchanges by all the inflows in a day. In this situation, we can conclude that the whales are depositing BTC to exchanges rapidly, and a correction is highly probable. In the last couple of days, the Whale Ratio has spiked – a bearish signal for the short term.
