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Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow">BTC</a>) kept up pressure on key resistance into April 24 as research showed whales “buying the dip.”
<figure><img src="https://s3.cointelegraph.com/uploads/2024-04/6e1abdb1-2cff-465a-961f-91edcb91ec2f.png">
 <figcaption style="text-align: center;">BTC/USD 1-hour chart. Source: TradingView
 </figcaption>
</figure>
<h2 id="bitcoin-whales-seize-the-day">Bitcoin whales seize the day</h2>
BTC price action circled $67,000 after a boost at the latest daily close, data from <a href="https://subscription.cointelegraph.com/" rel="noopener noreferrer nofollow">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCGBP/?exchange=BINANCE" target="_blank" rel="noopener noreferrer nofollow">TradingView</a> confirmed.
Still within a narrow range, bulls continued to grind away at <a href="https://cointelegraph.com/news/bitcoin-bollinger-bands-btc-price-squeeze-50k" rel="noopener noreferrer nofollow">nearby order book liquidity</a>.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-04/db6e3e87-3fdd-4385-8047-5b00c671d31e.png">
 <figcaption style="text-align: center;">BTC liquidation heatmap (screenshot). Source: CoinGlass
 </figcaption>
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According to current figures from monitoring resource <a href="https://www.coinglass.com/pro/futures/LiquidationHeatMap" target="_blank" rel="noopener noreferrer nofollow">CoinGlass</a>, a bid wall of around $35 million on Binance was taken into the daily close, with the bulk of ask liquidity now sitting between $67,000 and $67,500.
“A 1-Month view of the order book illustrates how dynamic changes in liquidity placement impact overall price action,” trading resource Material Indicators <a href="https://twitter.com/MI_Algos/status/1782812718031851709/photo/1" target="_blank" rel="noopener noreferrer nofollow">wrote</a> in part of a post on X (formerly Twitter).
<blockquote>
 “The NET effect of blocks of Bitcoin ask liquidity moving lower, and some blocks of bid liquidity moving higher tightens up the active trading range to roughly $62k - $68k.”
</blockquote>
<figure><img src="https://s3.cointelegraph.com/uploads/2024-04/c7a61c29-c6e6-4407-a61c-084eb41ad1e2.png">
 <figcaption style="text-align: center;">BTC/USDT order book liquidity for Binance with whale volumes. Source: Material Indicators/X
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An accompanying chart additionally showed trading behavior among classes of Bitcoin whales.
Of interest is the $1-$10 million order category, which, in contrast to others, increased exposure through April.
This adds to <a href="https://cointelegraph.com/news/bitcoin-whales-refuse-sell-btc-price-70k-euphoria" rel="noopener noreferrer nofollow">existing findings</a> from research firm Santiment, with new analysis now revealing “FOMO” on the part of wallets with a balance between 1,000 and 10,000 BTC ($66.7 million — $667 million).
“Bitcoin's key whale tier holding 1K-10K $BTC are supporting this rise, and have now accumulated 266K more $BTC since the start of 2024,” Santiment wrote in <a href="https://twitter.com/santimentfeed/status/1782954556013547562/photo/1" target="_blank" rel="noopener noreferrer nofollow">X commentary</a>.
<blockquote>
 “This translates to an accumulation of 1.24% of the entire supply. The crowd is also showing a high degree of FOMO.”
</blockquote>
<figure><img src="https://s3.cointelegraph.com/uploads/2024-04/2c2b34ae-6bbf-4e3a-af10-a632087a1b97.png">
 <figcaption style="text-align: center;">BTC/USD chart with whale holdings data. Source: Santiment/X
 </figcaption>
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The class of whale under examination now owns more than a quarter of the BTC supply, heading for new record highs.
<h2 id="btc-price-action-sees-unsettling-quietness">BTC price action sees "unsettling quietness"</h2>
The day prior, meanwhile, trading firm QCP Capital suggested that crypto markets could enjoy a final stretch of low volatility before a seismic shift takes hold.
Related: <a href="https://cointelegraph.com/news/bitcoin-outpeforms-tesla-stock-first-time-since-2019" rel="noopener noreferrer nofollow">Bitcoin outperforms Tesla stock for the first time since 2019</a>
In the latest edition of its “New York Color” market updates sent to Telegram channel subscribers, QCP described what it called “unsettling quietness.”
“BTC is right smack in the middle 60/73k range and BTC front-end vols have trickled down closer to 60%,” it wrote.
<blockquote>
 “Just last week, we had the fourth BTC halving and the market was panicking over the outbreak of war in the Middle East (which has since de-escalated).”
</blockquote>
<figure><img src="https://s3.cointelegraph.com/uploads/2024-04/d6dd7968-4644-460b-a592-054e2dfc821a.png">
 <figcaption style="text-align: center;">Bitcoin spot ETF flows (screenshot). Source: Farside
 </figcaption>
</figure>
Analysts referenced the <a href="https://cointelegraph.com/news/btc-trades-deep-discount-after-halving-5-things-bitcoin-this-week" rel="noopener noreferrer nofollow">reset in Bitcoin funding rates</a> and a slow but steady <a href="https://farside.co.uk/?p=997" target="_blank" rel="noopener noreferrer nofollow">return of interest</a> to the United States’ spot Bitcoin exchange-traded funds (ETFs).
“Demand from TradFi continues to stream in albeit at a slower pace with BlackRock posting 70 consecutive days of inflows,” the update concluded.
<blockquote>
 “Is this the calm before the (bullish) storm?”
</blockquote>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin whale 'FOMO' hits as BTC price coils below $67K liquidity zone

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