Bitcoin whale activity hints at an imminent price crash: market shock is coming!
Bitcoin once again suffered setbacks as it challenged the $68,300 resistance level, and is currently trading at $67,670. Although prices are not currently moving significantly, recent whale activity has sparked widespread concern in the market, suggesting that potentially major changes are coming.
Looking at the daily chart, Bitcoin faces significant resistance at current levels. Since March this year, multiple new resistance lines have continued to appear, becoming obstacles to price increases. The hourly chart reveals that the price encountered a bottleneck at the resistance level of $68,300, with the maximum support set at $66,650. The MACD histogram shows weak buyer strength, recording 63.7, and the RSI is also corrective, albeit with slight signs of a turnaround, which seems to indicate that the price may fall to the $65,000 area.
The surge in whale activity is of particular concern. According to data from on-chain data platform Santiment, whale activity has increased significantly in the past two days, reaching the highest level in two months. The trend shows about 11,697 individual trades over $100,000, with the market not seeing such a high volume of whale trades since the Japanese stock market crash on August 4. This burst of activity often signals that a major event is about to occur in the market.
Meanwhile, Coinglass’ whale activity tracker shows that accounts with large Bitcoin holdings are beginning to open short positions at this price level. The highest short opening levels are concentrated at $68,500, $69,000, and $69,500, which further explains why Bitcoin has struggled to break out near $68,300.
Although many market participants remain optimistic that Bitcoin will usher in a sharp rise, technical indicators are not optimistic. The RSI suggests that prices may decline due to a correction, and whales may choose to take profits at this time. If whale activity further causes a price retracement, it could trigger a domino effect that could lead to a sharp plunge in Bitcoin prices.
The current market is full of challenges, and whether Bitcoin can break through numerous resistances in the coming days may determine its short-term fate. The vagaries of the market deserve in-depth analysis and thinking from each of us. Follow Boshi to get the latest market trends and in-depth interpretations!
