- Bitcoin whale near term clusters are present at $10,570 and $11,800
- Traders foresee Bitcoin retesting $11k to $11,300 hurdle range
- Activities on the Bitcoin network is on the rise
Bitcoin News Today – Bitcoin (BTC) whale clusters show key hurdle points are at $10,570 and $11,288, and this increases the chances of a major selloff. Near term clusters are present at $10,570, according to Whalemap – an on-chain analysis company that focuses on the activity of Bitcoin whales.
Whale clusters form when whales accumulate BTC and do not move it. Areas with huge amounts of unspent Bitcoin become an area of interest, typically a hurdle point. In a report, Whalemap said:
“Bubbles show locations where unspent bitcoins were accumulated. The larger the bubble, the more unspent bitcoins are located there. P.s. Unspent means these bitcoins have not been moved since they were ‘inflowed’ to a whale wallet.”
Individuals or whales holding huge amounts of Bitcoin like to sell at breakeven or profit, based on the trend of the market. If whales see the present level of the digital currency as bearish, the $10,570 mark could serve as a breakeven area for whales.
The Two Largest Whale Clusters Are at $10,570 and $11,800
In the near term, the two largest whale clusters are found at $10,570 and $11,800. Interestingly, those levels are also major resistance for the digital currency in the immediate term. Based on the recovery of the digital currency over the $10k mark, some traders are expecting it to retest the $11k to $11,300 hurdle range.
Edward Morra – a digital currency trader – recently pointed out that the order book of Coinbase has regularly shown nice buying demand at the $10k region. He said:
“In case bitcoin dips, Coinbase has some fat orders below. Coinbase added bids, from 10200 to 10000, there are ~2500 BTC in bids now.”
The $10k level is a pretty strong support level for Bitcoin, and it could allow Bitcoin to retest $10,570 and possibly surpass it. At the moment, many traders are just being careful, at least until the mid-$10k. The majority of near term bearish and bullish cases also center around the $10,570 and $11k hurdle range. A decline from that range could push the price of the digital currency significantly higher.
Bitcoin Is Currently In a Bearish State
At the moment, many on-chain metrics are supporting the short-term bearish case for Bitcoin. Data from Glassnode shows that Bitcoin miner fee deposits to trading platforms have surged to a level not seen since 2017. The company said:
“Currently, almost 10% of all #Bitcoin miner fees are spent on transactions that deposit $BTC to centralized exchanges. This is a 2x increase since the beginning of the year, and levels we haven’t seen since late 2017.”
Nevertheless, the record-high hash rate of the BTC network and the increase in miner fees suggest an overall increase in network activity.