Whales Keep On Protecting One Key BTC Support Level: Analysis

Whales keep on protecting one key BTC support level with the cryptocurrency seeing some choppy price action over the past few days with the buyers and sellers reaching an impasse so as we can see more in today’s BTC news.

Following a swift overnight drop, BTC posted a strong rebound which allowed it to surge back towards $36,000 but where it will trend next depends on whether or not buyers are able to flip the $36,000 from resistance to support. One analytics platform noted that BTC will now test a crucial support level that will sit below the $30,000 level. They noted that this is where a serious whale buying activity in the past and as such the buyers will try to defend this level.

BTC and the entire crypto market was facing a mixed price action as of late which has come about because of Bitcoin’s lack of clear trend and the cryptocurrency managed to fight off range-bound trading between $30,000 and $40,000 with the buyers and sellers unable to take control of the price action. Where it will trend next will depend on whether or not the bulls are able to target the $40,000 level and flip it into support. One analytics platform also noted that there’s some serious support below the BTC current price which happens to where there was some strong whale accumulation.

At the time of writing, BTC is trading up marginally with a current price of $36,000 which marks a notable rally from the lows of $34,000 set a few hours ago. The lower $30K region proves to be strong support with each visit to this region allowing the bulls to regain short-term control in the price action. A sustained drop below this support could reverse the crypto’s uptrend and lead to another deeper loss.

While speaking about the BTC current support, one analytics company explained that this price level below the $30K will likely continue acting as a strong base of support noting that the whale buying activity here is important and that these huge investors will likely continue defending it:

 “This is how you trade whale bubbles for anyone wondering. Also, large inflows to whale wallets were happening at $29,314. They will be protecting their btc… This should be strong support for bitcoin in the short term, and hopefully long term.”

The whales keep on protecting the key important levels with the coming few days are able to shine some light on where the cryptocurrency will trend in the weeks ahead with an ultimate reaction to the current range being able to set the tone where it trends in the days and weeks.