The latest Bitcoin (BTC) whale clusters data show that the four key short-term price levels of $10,369, $10,570, $10,734, and $10,842 could serve as resistance.
Within the chain that tracks bitcoin whale activity, analytics company Whalemap studies areas where whales and high-net-worth individuals cluster or move their savings.
The Yesil clusters show the areas where whales last bought Bitcoin. Given the whales ‘ tendency to wait until their costs are met, or to profit from the sale, it can be assumed that the clumps may act as resistance zones.
Bitcoin faces strong resistance at $10,400
The clusters also highlight the abundance of whales that lose or equal profits and losses until Bitcoin reaches $10,842. That means there are plenty of whales that can sell in the short term.
Whale data also shows that some whales can be sold in the $10,900 range for $11,100. The whales” holder activity indicates that there may be sales in this resistance range, which is often a sign of decline.
The Whalemap researchers explained that hodler activity had decreased in the last two days and there was uncertainty about which way to go:
“HODLer activity: looks pretty active in the 10.9-11k price band. That’s usually not a good sign. But we’ve done well so far and yesterday’s hodler balloons don’t do much. “
Bitcoin’s $11,100 rejection also coincides with the point where clusters and whales are starting to sell. Bitcoin also topped $10,570, the second and largest whale cluster in the short term.
Bitcoin has been experiencing definite denials since falling to $10,296 from $11,179 on September 21. The $10,550, $10,450, and $10,370 levels have served as resistance in the past 48 hours.
Sales of clusters and whales above $11,000 indicate that Bitcoin will stagnate in the near future. Decreased activity among whales also indicates that there will be no major change in the fluctuation.
Cryptocurrency investors expect a period of consolidation, at least through September. Given the intensity of bitcoin’s short-term decline, the coin seems less likely to fluctuate.
