After Bitcoin crossed the $37,000 level last week in its continued rally, it seems that the bulls are making more efforts to hold up to those levels. At press time, the BTC price is trading at $36,950 levels while facing downward selling pressure.
Bitcoin Whales Are Selling
As per on-chain data, Bitcoin whales have been systematically chasing out over the last week. Citing data from Santiment, popular crypto analyst Ali Martinez reported that Bitcoin whales have been cashing in on profits by selling or redistributing approximately 60,000 BTC in the last week, with an estimated value of around $2.22 billion.
Additionally, the total open interest (OI) is now below the levels observed when Bitcoin was valued at $25,000 and lower than its previous benchmarks at the current price. Despite the notable increase in price, the diminished open interest implies a potential absence of fresh capital inflows into the futures market, signaling a cautious or bearish sentiment among traders.
Anticipations of Bitcoin retracing to $20,000, $25,000, or potentially dipping below $30,000 continue to persist among some analysts. Such predictions arise from apprehensions related to regulatory changes, macroeconomic influences, and the inherent unpredictability of cryptocurrency markets.
Where’s the BTC Price Going Next?
If the bulls successfully surpass the resistance at $37,033.37, the BTC price will regain momentum and make a potential move to challenge the upper resistance at $38,082.91 in the near term.
Sustaining the price at this level could pave the way for a market attempt to reach the year-end target of $40,000.
On the flip side, if the bears exert dominance, leading to a loss of momentum, the price may retreat to test the support at $36,000. A continued bearish trend could intensify, resulting in a significant price drop and a test of the crucial support level at $33,429.29. Popular crypto analyst Rekt Capital provides the right insights into what can happen and what steps investors need to take ahead.
Accumulate on any deeper retraces in orange
HODL in light blue
Re-Accumulate in red
— Rekt Capital (@rektcapital) November 13, 2023
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.