Many Bitcoin (BTC) traders this week have been optimistic this week, with the price deeper to $ 88,000, but not overcoming this level in the short term can be a take non -profit signal.
Alphractal, an encryption analysis platform, mentioned that Bitcoin Whales was in a short position at $ 88,000.
In the recent X post, the platform emphasizes that the “Whale Location Emotion” metric showed a rapid reversal on the chart, indicating that the main player with weak prejudice went one step further. This metrics define the relationship between the aggregated public interest and more than $ 1 million in the exchanges.
Bitcoin: Whale Location. Source: X
As you can see on the chart, the two circular areas have a synonym for Bitcoin prices to $ 88,000. Alphractal said.
“If the whale position feels like a reduction, even if the price temporarily rises, it is a strong signal that the whale is in a short position. This can lead to a drop in price.”
Alphractal’s CEO Joao Wedson also confirmed that the whale was also closed and the price had shifted historically according to the orientation prejudice.
Bitcoin: Bull score signal. Source: cryptoquant
Similarly, eight of the 10 onchain signals for encryption have turned weak. As mentioned above, except for Stablecoin liquidity and technical signal indicators, all other metrics emphasize the potential for fullback of bitcoin prices.
Last week, KI YOUNG JU, CEO of Cryptoquant, said the market is entering the bear market and investors pointed out that they should expect to be “6-12 months of weak or side effects.”
Related: Is Bitcoin Price a $ 130K in 90 days? Yes, one analyst says
Bitcoin leaks reach $ 424m in 7 days
While onchain metrics turned red, some investors expressed confidence in Bitcoin. INTOTHEBLOCK’s data has emphasized the net BTC leak of $ 220 million on the exchange over the last 24 hours. This amount has reached $ 424 million from March 18 to March 24, which means that certain holders are accumulating.
Intotheblock’s bitcoin net leak. Source: X
In the Lower Time Frame (LTF) chart, Bitcoin has formed a high level of intravenous levels at $ 88,752 on March 24, but since then, BTC has not yet established a new patience store.
Bitcoin 4 hours chart. Source: COINTELEGRAPH/TradingView
When Bitcoin moves in the trend line of the uphill channel pattern, the price is expected to resist 50 days, 100 days in the top range and daily chart of the pattern.
Due to the lack of whales from $ 88,000 to $ 90,000, BITCOIN must constantly close $ 90,000 for more than $ 100,000 for rally.
Related: Bitcoin sets a sight of ‘spoofy’ $ 90K resistance in the new BTC Price Boost.
This article does not include investment advice or recommendation. All investment and trading measures include risks, and the reader must do his own research when making a decision.