The price of Bitcoin (BTC) fell below the uphill channel pattern on weekends and fell to $ 81,222 on March 31. The highest cryptocurrency is expected to register the worst quarterly profit since 2018, but the whale group is mirroring the bulls of the 2020s.
Bitcoin 1 day chart. Source: COINTELEGRAPH/TradingView
In a recent fast take post, MIGNOLET, an onChain analyst, explained that the “market’s best” whale address with 1,000 to 10,000 BTC has a high correlation with Bitcoin prices. Analysts showcase their accumulation by reflecting the pattern of bulls in 2020 and reflecting the pattern of bulls in 2020.
Bitcoin Whale Accumulation Analysis. Source: cryptoquant
In the current bull market, this distinct pattern has emerged three times, and even if retail investors suspect positive direction prejudice, they are displayed as a quick BTC accumulation of Bitcoin whales.
This period is a weak market sentiment, causing a mystery and a significant price, suggesting that the whale is deploying himself before recovery.
The analyst said that BTC has shown the price drop.
“There is no sign that the whale leading the market is terminated.”
As you can see in the chart above, “Pattern No. 3” witnessed a similar accumulation speed, but the price of the BTC remained sideways.
Related: Bitcoin Trader Problem BTC Price Eyes ‘Excess Purchase’ Warning $ 84K
Can Bitcoin flip $ 84,000 after the CME gap?
As the New York trading session began on March 31, BTC tried to close the CME futures gap formed during the weekend. The CME GAP emphasizes the difference between the closing price of the BTC futures on Friday and the opening of the Sunday evening.
Bitcoin CME gap analysis. Source: COINTELEGRAPH/TradingView
Bitcoin started with a strong tip this week, but there are a few US economic events that can affect the price.
april. 1, JOLTS Jobs: Indicators that reflect the demand for labor market; Declaration can know the weaknesses.
On April 2, US tariffs rolled out: “Liberation Day”, with 20% and massive tariffs in up to 25 countries.
April 4, the speech of non -farm salary (NFP), unemployment and federal preparation chairman Jerome Powell.
Bitcoin 4 hours chart. Source: COINTELEGRAPH/TradingView
The immediate point of interest of BTC is to overturn $ 84,000 to support optimism. If you recover $ 84,000, the price of the BTC can be higher than the 50 -day index moving average, which can strengthen the short -term rally into a supply area between $ 86,700 to $ 88,700.
On the contrary, long -term integration of less than $ 84,000 strengthens the resistance characteristics, which can eventually lead to further modifications to the falling liquidity area from $ 78,200 to $ 76,560.
Related: Bitcoin’s ‘Digital Gold’ claims as merchants move to bonds and gold reaches the new top score.
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.