Bitcoin whales refuse to sell as BTC price drops $70K on ‘euphoria’.
Bitcoin (BTC) threatened new domestic lows on April 16 as large investors stopped selling.
The price of BTC is facing a “clear pessimism”.
Data from Cointelegraph Markets Pro and TradingView revealed two hot bears below $62,000 during the Asian trading session.
Nervous risk-asset markets prepare for the board's vote later in the day, with U.S. stocks wobbly at the open on Wall Street and bitcoin unable to contain its rally.
“It's critical to stay above $62K for any chance,” wrote popular trader Skew in part of his latest market update on X.
With an emphasis on the upcoming weekly close, Skew described the risk-on sentiment in equities, with “constant risk-on and now clear pessimism” now showing persistent volatility markets.
He added that bulls may react during European trading hours, but as of this writing, sideways movements have not been seen to dominate.
Earlier, Cointelegraph reported on several negative targets for the price action of BTC, which are around $59,000 on April 16 and below $40,000 in the long term.
Eye whale liquidity levels, tracking platform Whalemap identified $52,000 and $48,000 as other key levels.
“We had fun at 70k. We were taking profits into the smart money. We have established a reinforcement range. Right now, we're at a low point,” the Whalemap team wrote in accompanying comments.
“If you believe Bitcoin is going to hold – it's time to keep believing. Otherwise, we're going to have to shake our heads a little.”
According to tracking source data, CoinGlass has the largest sell-side liquidity volume at over $64,000.
Bitcoin avoids selling at post all-time high.
At the same time, whales appeared unwilling to sell to falling markets.
Related: $70K BTC Price Halved? 5 things to know in Bitcoin this week
Sentiment has shown an increase in exposure since March when analyzing the accumulation of stocks in large BTC wallet collections.
“Bitcoin's key stakeholders aren't growing on their content, even as high market value saw the cryptocurrency's market cap drop to $61.5K over the weekend,” said X's opinion piece.
As of March 1st, wallets holding between 100 BTC and 1,000 BTC have accumulated around 44,000 coins. Large wallet classes have added more than double that — even though Bitcoin's most recent all-time high came on March 14.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
