Bitcoin sellers retreat to $ 88k to $ 90k zone – did the BTC rally lose steam this week?
Lots of bitcoin (BTC) Entrepreneurs have been bullish this week as prices rallied deeply at the level of $ 88,000, but the failure to overcome this level in the short term could be a take-profit signal.
Alphractal, a platform of crypto analytics, noted that bitcoin whales entered short positions at a level of $ 88,000.
In a recent x post, the platform Highlighting That the “sentimental position of the whale” showed a sharp return to the chart, indicating that major players with a beyle bias stepped. The scale specified the relationship between the combined -with -the -open interest and trade greater than $ 1 million in multiple exchanges.
Bitcoin: Sentiment in the whale position. Source: x
As described in the chart, the two -round regions are synonymous with the price of Bitcoin falling to a $ 88,000 level. Alphractal said,
“When the feeling of the whale position begins to decline, even when the price is temporarily rising, it is a strong signal that whales enter short positions, which can lead to a price collapse.”
Alphractal CEO Joao Wedson also confirmed The whales closed their long position and the prices had historically moved according to their bias direction.
Bitcoin: Bull score signal. Source: cryptoquant
Similarly, 8 out of 10 onchain signals in cryptoquant turned on. As it is highlighting the above, except for the stablecoin liquidity and technical signal indicator, all other metrics are glittering red, which wraps up the possibility of a possible pulling of bitcoin prices.
Last week, Ki Young Ju, CEO of Cryptoquant, mentioned that markets are entering a bear market and investors should expect “6-12 months of bearish or sideways price action.”
Related: Is Bitcoin price hit $ 130k in 90 days? Yes, says an analyst
Bitcoin outflows reach $ 424m in 7 days
While the onchain metrics turned red, some investors showed confidence in Bitcoin. Data from intoteblock Highlighting Net BTC outflows of $ 220 million from exchanges in the past 24 hours. Total reached $ 424 million between March 18 to March 24. This trend indicates that some holders have accumulated.
Bitcoin net outflows by intoteblock. Source: x
In the Lower Time Frame (LTF) chart, Bitcoin formed an intraday high of $ 88,752 on March 24, but since then, BTC has not established a new high -high intraday.
Bitcoin 4 hours chart. Source: Cointelegraph/TradingView
With the move of bitcoin within the trends of an ascending channel pattern, it is expected that the price will deal with resistance from the upper pattern range and 50-day, 100-day, exponential moving averages on the daily chart.
With whales that could possibly shorting between $ 88,000 and $ 90,000, Bitcoin had to close more than $ 90,000 for an ongoing rally at $ 100,000.
Related: Bitcoin sets views on ‘Spoofy’ $ 90k resistance to the new BTC price increase
This article does not contain investment advice or recommendations. Every transfer of investment and trading involves risk, and readers should conduct their own research when deciding.
