We are facing a situation where Bitcoin has fallen below the buying levels of short-term whales.
Bitcoin, which dropped to the 49K-50K range, found demand and rose to the 62K levels. The short-term holder whale realized price is in the 64K-65K range. This level may present itself as a resistance. Some whales, tired of being in loss, may want to exit as they reach their breakeven levels. This move could naturally bring about selling pressure.
You can use the short-term holder whale levels as support and resistance. If Bitcoin breaks above this level, you should pay close attention to whether it can maintain this level. The long-term holder realized price is at the 22K level, and as Bitcoin rises, this value gradually approaches. If Bitcoin finds demand, it could experience a significant upward movement.
Written by XBTManager
