What Whales Are Doing
Major Bitcoin holders, known as “whales,” are changing the distribution of liquidity. They’re reducing sell orders at higher prices and increasing buy orders between $60,000 and $67,000. This is pushing Bitcoin into a narrower price range.
Bullish Outlook
Despite recent price fluctuations, analysts remain optimistic about Bitcoin’s long-term prospects. They cite favorable macroeconomic factors and the increasing adoption of cryptocurrencies.
Technical Analysis
However, technical analysis shows that Bitcoin has struggled to break through resistance at $69,000. Whales have also been moving sell orders lower, from $75,000 to $70,000.
Support Levels
Analysts predict Bitcoin could find support at $65,000-$66,000, where moving averages and order book data indicate strong buying interest.
Next Steps
The key question is how low Bitcoin can go before finding support. Analysts see $58,000 as a potential support level.
Long-Term Outlook
Despite short-term volatility, the long-term outlook for Bitcoin remains bullish. Analysts expect a breakout and a new all-time high once the consolidation range is established and support is confirmed.
