With Bitcoin (BTC) reaching a new permanent high, it wasn’t able to reverse the $ 19,400 level for support. This is likely due to the potential for a massive sale of whales in the $ 19,400 to $ 19,600 to prevent a break in the historic rally. When the standard height is exceeded, the resistance of the new roof is low.

Whales continue to sell every time BTC approaches the record
CryptoQuant and Whalemap data show that the $ 19,500 level is a critical area for whales.

First, there are large whale populations that are worth about $ 19,500. This means whales have bought BTC here and not transferred ownership, which could make it a good profitable area.

In addition, the flow of whales to the stock market increased as the Bitcoin price exceeded $ 19,500. This indicates that whales are selling at or below $ 19,500 or more.

A notable trader with a pseudonym known as “The Byzantine General” is that there are large sales orders on Binance. He indicated that the $ 19,500 level would be a tough resistance area for buyers.

What could happen in a short time?
In the short term, analysts are divided over the short-term forecast for BTC. Some say a major correction is still possible, especially if BTC continues to decline to the $ 19,500 level.

Ki Yong Joo, CEO of CryptoQuant, said he expects BTC to go sideways or decline in the short term. he wrote:

“I am optimistic in the long term, but I believe that in a few days it will go sideways or be corrected. I think we will not be able to beat $ 20,000 in the short term. I expect it to exceed $ 20,000 by the end of the year. (I am not a trader at PA Finally, the HODLing OG has stalled and I’m anticipating my downside in the short term. ‘
Note that bitcoin whales have stopped collecting bitcoins at the current rate. He explained that it is difficult to separate institutional applications from topical applications. However, he said the timing of the BTC rally and the whale sales were the same. he added:

“This $ 20,000 battle will see Bitcoins and whales against individual investors. And I’m on their side, bearish sentiment in the short term. I know these chains can’t tell us about the influx of institutional spot orders. But it looks like the current BTC (OG) whales are coming in. It has stopped moving, which is good for the bulls to meet. ”
Bitcoin (BTC) has seen the largest influx of whales since July, according to CryptoQuant. The data coincides with a persistent failure of $ 19,400 BTC.

Source: CoinTelegraph