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.
Long term
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
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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