Bitcoin is supported by dynamic and stable support levels on the daily frame. However, from an on-chain perspective, the intensity of whale activity is indicating potential selling pressure in the near term. It remains to be seen whether this can be absorbed by buyers and bitcoin could be seen breaking above the next major resistance at $48K.
technical analysis
By: Shayan
long term
Bitcoin is simultaneously supported by the 100-day moving average and the $40K-$42K support area. The next major resistance area will be the $48K area and the 200-days SMA. If Bitcoin successfully breaks out and consolidates above these two levels, a new all-time high will become more likely.
short term
On the 4H time frame, the price is currently testing a major bearish trend line. If it can break this trend line, the next short term resistance will be the $45.7K level (blue horizontal line). However, if the price gets rejected from the mentioned levels, a pullback to the displayed bullish trendline is expected. A breakout from the ascending line could push BTC further down and test the $33K bottom.
onchain analysis
By: adris
Historically, higher values of the whale ratio metric have led to price corrections. It is calculated by dividing the top 10 inflows of bitcoin by all inflows in a day. In this situation, we can conclude that whales are increasingly depositing BTC on exchanges, and there is a huge potential for improvement. The whale ratio has risen over the past few days – a bearish signal in the near term.
PrimeXBT Special Offer: Use this link to register and enter code POTATO50 to get up to $7,000 on your deposit.
Disclaimer: The information found on Cryptopotato is that of the cited authors. It does not represent the opinion of Cryptopotato whether to buy, sell or hold any investment. You are advised to do your own research before taking any investment decision. Use the information provided at your own risk. See disclaimer for more details.
Cryptocurrency charts by TradingView.