Bitcoin (BTC) threatened new local lows on April 16 as large-volume investors held off on selling.
BTC price suffers “clear pessimism”
During the Asian trading hours, data from CryptoMoon Markets Pro and TradingView indicated two new drops in price, each falling below the $62,000 mark.
Anxious markets for risk assets dominated the trading day, causing uncertainty at the opening of the US stock market and preventing Bitcoin from sustaining its recovery.
According to trader Skew’s recent market analysis on X (previously known as Twitter), staying above the $62K mark is extremely important if investors hope for a significant price rebound.
Focusing on the impending weekly market closing, Skew noted a prevailing sense of caution among traders, marked by persistent risk reduction and growing pessimism in the perpetual swap markets.
During Europe’s trading sessions, bulls might respond, but such reactions were not observed while penning this down since the market exhibited a trend of moving sideways instead.
Previously, CryptoMoon shared potential price drop levels for Bitcoin, with predictions of a low of $59,000 by April 16th and a longer-term downtrend below $40,000.
Keeping a close watch on the amount of Ethereum (or other cryptocurrency) held by large investors in the whale community, Whalemap has pinpointed $52,000 and $48,000 as significant price points to observe.
“We reached ecstatic highs at $70,000. Savvy investors cashed out their profits. A period of price stabilization followed. Currently, we’re near the bottom end of this range.”
“If you believe Bitcoin will hold — now is the time to keep believing. Otherwise, we’ve got a bit of a shake out ahead of us.”
According to data monitored on CoinGlass, the largest group of sellers was located around the $64,000 mark.
Bitcoin avoid selling post all-time high
At the same time, whales appeared uninterested in selling into falling markets.
According to research firm Santiment, the biggest Bitcoin wallet groups have been gradually increasing their holdings since March.
Bitcoin’s major players are unwilling to sell their holdings, even with the market instability that caused the leading cryptocurrency’s market worth to dip down to $61,500 during the weekend.
Starting from March 1, a total of approximately 44,000 Bitcoins have been amassed in wallets containing between 100 and 1,000 coins. Wallets with larger balances contributed over 90,000 Bitcoins to the total, even after Bitcoin reached its most recent record high on March 14.
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2024-04-16 18:02