- Last week, after surpassing the $37,000 level in its ongoing rally, Bitcoin seems to face increased efforts from bulls to maintain these levels.
- Bitcoin whales have converted their gains into cash by selling or redistributing approximately 60,000 BTC in the past week, equivalent to an estimated value of $2.22 billion.
- Expectations that Bitcoin could pull back to $20,000, $25,000, or potentially below $30,000 persist among some analysts.
According to the latest data, Bitcoin whales cashed in by selling a significant amount of BTC last week; Should investors be worried?
Bitcoin Whales Converted Thousands of BTC into Cash
After Bitcoin surpassed the $37,000 level last week in its ongoing rise, it appears that the bulls are making more efforts to maintain these levels. As of press time, BTC price is trading at $36,780 and is facing downward selling pressure.
According to recent data, Bitcoin whales have been systematically exiting throughout last week. Based on data from popular crypto analyst Ali Martinez, relying on Santiment data, Bitcoin whales have converted their gains into cash by selling or redistributing approximately 60,000 BTC in the past week, equivalent to an estimated value of $2.22 billion.
Furthermore, the total open interest (OI) is below the levels observed when Bitcoin was valued at $25,000, indicating lower levels compared to previous references at the current price. Despite a significant increase in price, reduced open interest suggests a decreased likelihood of new capital entering the futures market, signaling caution or a bearish trend among traders.
Expectations that Bitcoin could pull back to $20,000, $25,000, or potentially below $30,000 persist among some analysts. These predictions stem from concerns related to regulatory changes, macroeconomic impacts, and the inherent unpredictability of cryptocurrency markets.
Where Is the BTC Price Headed?
If bulls successfully surpass the $37,033.37 resistance, the BTC price will gain momentum and potentially make a move to test the upper resistance of $38,082.91 in the short term. Sustaining the price at this level could lead to an attempt to reach the market’s year-end target of $40,000.
On the other hand, if bears gain dominance and cause a loss of momentum, the price may pull back to test the $36,000 support. The ongoing bear trend could lead to a significant price drop, testing the critical support level of $33,429.29.
