A whale buying Bitcoin (BTC) at $34,000 looks poised to sell close to current levels as a huge question wall appears on Bitfinex.
Bitfinex whale goes into sell mode
Data from TradingView shows that BTC price hit multi-week highs at $45,137 on March 25. However, as $45,000 resurfaced for the first time since the beginning of the month, very familiar behavior has also emerged among some of Bitcoin’s biggest investors. That day, attention was turned to the Bitfinex exchange, a platform famous for whales that guides short-term price movements with its trades. As popular analyst Pentoshi noted, the whales that last bought BTC around $34,000 have now entered a significant demand position, starting at $45,000.
Meanwhile Michaël van de Poppe, BTC/USD in March It marked “a dozen” possible lower price targets if it swept liquidity at previous rejection points in the previous month, which is just over $45,000. In his latest YouTube update, he said, “I’m not saying I’m bearish at this stage, but while I’m making this accumulation, I’m not really interested in the longs at this point.” He added that only $50,000 will be the impetus to consider long positions.
How will Bitcoin and Ethereum respond to resistance?
Van de Poppe adds that the altcoin market is also on the radar and it will be interesting to see how Ethereum (ETH) in particular copes with the impending resistance. The top ten cryptocurrencies by market cap showed clear strength on daily timeframes led by ETH/USD, matching Bitcoin’s 5% gains.
Cardano (ADA) during the day While it fell slightly, it was still up 35% compared to the same period last week, making it the top performing crypto. PoW blockchains such as Ethereum Classic (ETC) and Bitcoin Gold (BTG) have posted weekly gains of over 50%, which is believed to be due to the switch to Ethereum PoS. One of the altcoins that could not evaluate the market rise was The Graph (GRT).
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