Bitcoin

Resistance

<p style="text-align: justify">Last week, buyers continued their efforts to hold above the $37,000 level as &lt;a href="https://en.coin-turk.com/renowned-crypto-<a href="https://newslinker.co/category/finance/" data-wpel-link="exclude">analyst</a>-forecasts-major-surge-for-bitcoin-and-ethereum/”&gt;Bitcoin (<a href="https://en.coin-turk.com/the-long-journey-of-spot-bitcoin-etf-will-sec-approve-it-in-2024/" data-wpel-link="internal">BTC</a>) rally couldn’t surpass $37,000. However, the current price of $36,873 indicates that buyers have not yet exerted the desired pressure on the crypto king.</p> 
<h2 style="text-align: justify" id="bitcoin-whales-selling">Bitcoin Whales Selling</h2> 
<p style="text-align: justify">According to on-chain data, there was a significant selling trend among Bitcoin whales last week. Experienced cryptocurrency analyst Ali Martinez, referring to data provided by Santiment, highlighted that Bitcoin whales sold or redistributed a total of 60,000 BTC, worth about $2.2 billion, either to take profits or distribute.</p> 
<p style="text-align: justify"><img decoding="async" class="aligncenter size-full wp-image-275942" src="https://coin-turk.com/wp-content/uploads/2023/11/Bitcoin-Balinalari.jpeg" alt="" width="2026" height="1116"></p> 
<p style="text-align: justify">Additionally, the Open Interest (OI) is currently low compared to periods when Bitcoin’s price was around $25,000. Despite the significant price increase, the low OI suggests limited or no new capital inflow into the futures market. This indicates that investors are exercising caution or expecting a decline.</p> 
<p style="text-align: justify">In this context, analysts suggest that Bitcoin may drop to $20,000 or $25,000 levels, or potentially below $30,000, citing various factors such as regulatory changes, macroeconomic impacts, and the inherent uncertainty of the cryptocurrency market.</p> 
<h2 style="text-align: justify" id="where-is-btc-price-heading">Where is BTC Price Heading?</h2> 
<p style="text-align: justify">If buyers manage to push the price above the resistance at $37,033, they could potentially make a move to break the upper resistance at $38,082 in the short term. Holding above this level could increase the likelihood of reaching the widely anticipated end-of-year target of $40,000.</p> 
<p style="text-align: justify">On the other hand, if sellers continue to gain dominance and momentum, BTC price could retrace and test the support at $36,000. In this scenario, a significant price drop and a test towards the critical support level at $33,429 can be expected.</p> Continue Reading: <a href="https://en.coin-turk.com/bitcoin-whales-start-selling-as-price-struggles-to-break-37000-resistance/" data-wpel-link="internal">https://en.coin-turk.com/bitcoin-whales-start-selling-as-price-struggles-to-break-37000-resistance/</a>

Bitcoin Whales Start Selling as Price Struggles to Break $37,000 Resistance

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