Analysis

Warning Sign Appears As BTC Breaks Above $44,000, What Next?

BTC bounced off dynamic and static support levels on the daily time frame. However, from an onchain perspective, the intensity of whale activity signals potential short-term selling pressure. Whether it will be accepted by buyers remains to be seen. If absorbed, BTC can surpass the next major resistance at $48,000.

Technical Analysis

Long term

BTC received support from the 50-day SMA and the $40,000-$42,000 support area.

The next major resistance will be the $48,000 area and the 200-day SMA. A new all-time high could be created if BTC breaks out and consolidates above these two levels.

Source: TradingView

In the short term

On the 4-hour time frame, the price is currently retesting the key downtrend line. If it can cross this line, the next short-term resistance is $45.7K (blue horizontal line). However, a correction of the uptrend line is expected if the price rejects from the mentioned levels. A break of the ascending support line could see BTC fall further towards the recent lows at $33,000.

 Source: TradingView

onchain analysis

Historically, the high levels of the Exchange Whale Ratio have led to a price correction. It is calculated by taking the daily amount of BTC transferred to the exchanges of the top 10 flows divided by the total amount transferred in a day. In this situation, we can conclude that whales are quickly sending BTC to exchanges, and the probability of a correction is very high. Over the past few days, the Exchange Whale Ratio has surged, a short-term bearish signal.

Source: CryptoQuant

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

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