Bitcoin whales possibly rejecting prices over $19,500

With the price of BTC struggling to break through $19,500, the influx of Bitcoin whales is increasing

While Bitcoin has been struggling to break through $19,500, the influx of whales has increased.

The price of Bitcoin (BTC) has so far been unable to turn the $19,400 level into support since hitting its record high. This is most likely due to the possibility of whales adding selling pressure in the $19,400 – $19,600 range to keep the historically high price as resistance.

Bitcoin continuous rejection at the all-time high

Data from CryptoQuant and Whalemap show that the $19,500 level is an important area for whales.

Initially, the price for a large cluster of whales is $19,500. This means the whale bought BTC here and did not transfer its holdings, potentially making it a take profit area.

With the price of Bitcoin trying to cross $19,500 level, the number of whales flowing into exchanges has increased. This indicates that the whale’s sell or short sale price has reached or exceeded $19,500 or even more.

An anonymous businessman named “General Byzantium” also emphasised that Binance has a large number of sell orders. He indicated that the $19,500 level will be a resistance level that will be difficult for buyers to break.

BTC/USD short term analysis

In the short term, analysts disagree on Bitcoin’s near-term prospects. Some say larger adjustments are still possible, especially if BTC continues to decline at the $19,500 level.

Ki Young Ju, CEO of CryptoQuant, said he expected BTC to trade sideways or fall in the short term. He wrote:

“I’m long-term bullish, but I think it’ll go sideways for a few days or get corrected. I think we can’t break $20K in the short-run. I expect it’ll break 20k at the end of this year. (I’m not a PA trader tho) In conclusion, OG whales stopped HODLing and I’m short-term bearish.”

Ki pointed out that whales are no longer accumulating bitcoin at current prices. He explained that it was difficult to separate institutional orders from spot orders, adding:

“This $20k battle would be $BTC OG whales versus retail investors. And I’m on their side, short-term bearish. I know on-chain data can’t tell the inflows of institutional spot bids. But it looks like current BTC whales(OGs) stopped their move that was good for the bull rally.”

According to CryptoQuant, the influx of whales into Bitcoin (BTC) is the largest since July and this data is agreeing with BTC’s continuously declined price of $19,400.