Significant selling pressure appears to be present right now for Bitcoin, especially on Binance, where major futures players appear to be actively pushing the price lower. With whales influencing the direction of Bitcoin, the current price action indicates bearish sentiment that raises the possibility that the price may move toward important support levels.
When the symmetrical triangle on the chart is examined, it becomes clear that Bitcoin was recently rejected after making an attempt to break above $65,000. Significant sell walls are visible on the orderbooks, and the Binance 15-minute futures distribution chart points to strong resistance in the $65,000–$66,000 range. In an attempt to profit from declining movements, these walls — which are frequently erected by major players, or whales — may be driving the price lower.
BTC/USDT Chart by TradingView
Technically speaking, Bitcoin appears to be returning to the symmetrical triangle's lower bounds. The values of $61,500 and $59,800 are the next important price points to keep an eye on. A prior local low and the 200 EMA are both at $61,500, a level that might offer short-term support.
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But if the selling pressure does not let up, Bitcoin might drop to $59,800, a crucial support level that might decide whether the cryptocurrency continues its current bearish trend or rises. Given the current bearish sentiment and the impact of whales, there is a good chance that the market will decline even further in the near future.
