The price of Bitcoin (BTC) is trying to break the સ્તર 60,000 resistance level in the region after more than a week.
Whale groups show critical 57,046 and, 60,045 is the area of short-term support and resistance.
In other words, if Bitcoin stays above $ 57,046 and continues to test resistance at $ 60,000, the likelihood of a major breakout soon increases dramatically.
Why groups of whales are important for Bitcoin
Whale groups form when wealthy investors buy or sell bitcoin at a certain price and then stop transferring their holdings.
Therefore, whale group support is generally the area of strong macro support for Bitcoin as whales buy more when BTC originally buys BTC.
On the other hand, a resistance zone remains where Wales is grouped together as a sold zone, as whale positives wait for parity to sell.
The two major short-term bitcoin resistance levels are at $ 60,045 and, 61,062, according to WhaleMap researchers. Researchers on Wednesday pointed out:
“$ BTC is back. Perfect for whale jumping. This is a good sign: in the direction of the bear, bull resistance is better than support and vice versa for bull rolls. Support for whales is now back in action, meaning the trend has changed. It should be April, it’s so much fun. ”
Groups of bitcoin whales. Source: Wheelmap
Since then, Bitcoin support has been in the area of 57,000 support resistance.
Based on this trend, the researchers added that it may calm down before the storm and Bitcoin volatility is expected to increase, which is currently at its lowest level since November 2020. They write:
“The fight to resist support continues. The level is going well last week. Bitcoin is closing at $ 60,045. Is it calm before the storm?”
The mood among bitcoin traders is mixed
The Bitcoin futures market has been extremely hot, according to a trader by the name Siddham, known as Byzantine Generic.
The derivatives market is on the rise as BTC’s futures refinancing rate continues to hover above 0.12%.
On average, the standard funding rate for Bitcoin futures contracts is 0.01%, so the market is 12 times hotter. The merchant said:
“It sounds so bad. Good growth will be a blessing.”
Bitcoin price chart with fixed fund rate and volume. Source: TradingView.com, Byzantine General
The technical formation of the bitcoin market on the 4-hour chart suggests that BTC may last longer, but not rebound in the short term, said a trader known as Necoz.
The merchant said:
“BTC – H .. I see no reason to withdraw Bitcoin. I’m adding 2 pips to my long country. Don’t worry as long as we keep building l bottom.”
Traders generally agree that Bitcoin Crazy Derivatives may see a slight pull to set it back from the market, but the overall technical structure is bullish.