Let us check the crypto market and Bitcoin situation. Whale clusters from Whalemap show that in the near term, the BTC (Bitcoin) price faces numerous massive resistance levels.
The latest BTC (Bitcoin) whale clusters’ data shows that four key short-term price levels could potentially act as resistances, namely $10,842, $10,734, $10,570, and $10,369.
Whalemap is an on-chain analysis firm that tracks Bitcoin’s whale activity. It observes areas where high-net-worth individuals, or whales, move or accumulate their holdings.
Green clusters are indicating where whales last bought BTC (Bitcoin). The clusters could act as resistance areas, given the tendency of whales to wait until breakeven or in profit to sell.
In the near term, Bitcoin faces strong resistance above $10,400.
Until Bitcoin hits $10,842, whales are abundant at a loss or breakeven. That is what clusters show. That also means that in the near term, there is potentially a high number of whales that might sell.
In addition, the data of whale shows that some whales will be sold in the $10,900 to $11,100 range. The whales’ HODLer’ activity indicates selloffs at that resistance range. Typically, it is a bearish sign.
The Whalemap researchers said that HODLer activity declined in the past two days. Thus, it shows uncertainty in direction.
They explained that the HODLer activity was active at the 10.9-11k prices. Usually, it is not a good sign. Nevertheless, they are quite straightforward so for yesterday and today’s HODLer bubbles do not show much activity.
The timing of Bitcoin from $11,100 matches the clusters and where whales started to sell. Also, Bitcoin has struggled to recovery beyond $10,570, the largest and the second whale cluster in the short term.
Since its steep drop from $11,179 to $10,296 on September 21, Bitcoin has continued to see steep rejections. In the last 48 hours, the levels of $10,370, $10,550, and $10,450 have served as resistances.