Bitcoin (BTC) rose nearly 5% in 24 hours on Wall Street on March 25, but a new warning sign was giving traders cold feet.
Bitfinex flips to sell whale mode
Data from Cointelegraph Markets Pro and TradingView confirmed that BTC/USD rose to a multi-week high of $45,137 on Friday, leading Wall Street.
While $45,000 reappeared for the first time since the start of the month, the all-too-familiar behavior among some of bitcoin’s biggest investors also occurred.
The day saw exchanges focus on Bitfinex, a well-known platform for large volume traders, or whales, guiding short-term price action with their trades.
As noted by popular trader Pentoshi, the unit that bought BTC at its last low of $34,000 is now holding a crucial position starting at $45,000.
The finx whale that made the bottom (similar signature) showed up with lots of questions, possibly to close those 34k long. something to see in the coming days $BTC pic.twitter.com/gDR8qvBVEl
— pantoshi (@pantosh1) 25 March 2022
Blockware Lead Insights Analyst William Clemente AgreedTwitter was telling users that it was now “popcorn time” to market.
Cointelegraph contributor Michael van de Pope meanwhile flagged BTC/USD sweeps liquidity “a dozen” potential lower price targets at previous rejection points from March, also above $45,000.
He said in his latest YouTube update, “I’m not saying I’m bearish at this stage, but while we’re making this build-up, I’m really not interested in the long run at this point.” “
He added that a challenge of only $50,000 would give impetus to consider a long position.
“No Longs” on Ethereum, Says Trade
Van de Poppe added that altcoins were also on the radar and it would be interesting to see how Ether (ETH) in particular deals with the upcoming resistance.
RELATED: What Are the BTC Price Levels As Bitcoin Closes March Peak?
The top ten cryptocurrencies by market cap showed clear copying strength on the daily time frame, led by ETH/USD, matching bitcoin’s 5% gain.
Overall still looking how #bitcoin going to react to the resistance, and especially how $ETH Will handle it there.
Not a long field for me. pic.twitter.com/NalEyg6Jiu
— Michael van de Pope (@CryptoMichNL) 25 March 2022
cardano[एडीए]Dropping several percentage points on the day, it was still up 35% compared to the same time last week, making it the top-ten best performer.
