Bitcoin Very Close to Resistance Point: Watch Out for Short-Term Whales

Support and resistance points in the markets can be understood by monitoring the purchase levels of short-term Bitcoin and altcoin whales.

According to a report shared on the cryptocurrency analysis platform CryptoQuant, Bitcoin fell below the purchase level of short-term whales.

Bitcoin, which fell to the $ 49,000-50,000 range during the market crash, reversed as many investors considered this decline as an opportunity to buy from the bottom. According to CoinGecko data, Bitcoin, which briefly reached $ 62,000, is trading at $ 60,688 at the time of writing.

Selling pressure may occur

The average purchase cost of the short-term whale group is in the $ 64,000-65,000 range. According to the analysis, this level may become a resistance point. If the Bitcoin price rises to this level, whales, who will be at a breakeven point, may prefer to exit the market, sell their coins, and create selling pressure.

“The realized price for long-term investors is at 22K and is slowly approaching this value as Bitcoin rises. If Bitcoin finds demand, there could be a significant upward movement,” the analyst at CryptoQuant commented.

On the one hand, the $100,000 target for Bitcoin this year has resurfaced. “If Trump wins, a rush of new buyers could push Bitcoin above $100,000,” Transform Ventures founder Michael Terpin said.

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