The onchain data analysis platform, Whalemap, is mapping the main levels at which big players, Bitcoin “whales”, are moving more currencies this month. tweet, the insights platform points out that the bitcoin correction, which took the crypto from an historic maximum of $ 61,683 to around $ 51,000, officially ended after the price respected the $ 57,000 support, indicating a possible reversal of the trend.
“BTC is back. Bouncing perfectly on the whale supports so far. This is a good sign: in bear trends, whale resistance works better than supports and vice versa for upward trends. Whale carriers are back on the market now, which means that the trend has changed. April must be a lot of fun. ”
Big flow points of bitcoins for wallets. Source: Whalemap and DailyHodl. Whale clusters show when high net worth investors buy or sell Bitcoin at a certain price. Levels are often seen as areas of support or resistance. Whalemap adds that, for now, Bitcoin is stuck in a narrow band between the $ 60,000 and $ 57,000 whale clusters.
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“The battle for resistance and support is intense. Last week's levels are working very well. Bitcoin is reaching the limit of the $ 60,045 level. Is it calm before the storm? ”
Source: Whalemap and DailyHodl. Independent analyst Willy Woo also see the area above $ 54,000 as a critical level for the price of Bitcoin.
“Looking at portfolio flows, $ 54,000 is the strongest area of price discovery for BTC by long-term investors since $ 11,000. Typically, BTC forms a strong base of price discovery 2-3x above the historical maximum (previous cycle), before entering the market. This phase is almost complete. ”
See also: Bitcoin threatens to lose uptrend line that started just below $ 20,000