Originally published on: April 16, 2024
Bitcoin’s price dipped below $62,000 on April 16 as major investors known as Bitcoin whales chose not to sell. This downward trend was observed during the Asia trading session, with two drops recorded below the $62,000 mark.
The overall market sentiment was cautious on that day, as seen in the uncertainty in US stocks and Bitcoin’s inability to sustain its recovery. The popular trader Skew emphasized the importance of staying above $62,000 to anticipate a significant bounce in the market.
Looking ahead to the weekly close, Skew highlighted a risk-off sentiment prevalent in exchanges, with traders showing clear pessimism. While there was hope for a bullish reaction during the European trading hours, sideways movement prevailed at that moment.
According to recent reports, Bitcoin’s price could potentially drop to $59,000 on April 16 and even further below $40,000 in the long run. Tracking whale liquidity levels, Whalemap highlighted $52,000 and $48,000 as crucial support levels for BTC.
Despite the recent euphoria around the $70,000 mark, smart money has started to take profits and a consolidation range is forming. Whalemap noted that the current market is at a low point after the highs experienced earlier.
Analyzing the accumulation patterns of large Bitcoin wallets, research from Santiment revealed that major stakeholders have been increasing their exposure since March. Despite the high volatility in the market, these key players have remained steadfast in their holdings.
It is important to note that this article does not offer investment advice. Every financial decision comes with risks, so it’s crucial for readers to conduct their own research before making any investment choices. For more insights like this, subscribe to the Markets Outlook newsletter and stay informed about investment opportunities and trading strategies.
