Shift

Bitcoin

when

Rekt

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Bitcoin’s price has dropped by 1.85% in the last 24 hours and is currently trading at 17% below its all-time high.</li> 
 <li>Despite the drop, technical data and whale activity suggest that a trend reversal could be imminent.</li> 
</ul>  
<p>Bitcoin’s price has seen a 1.85% decrease over the last day, and it’s currently trading 17% lower than its all-time high of $73,835, which was achieved on March 14. </p> 
<h2 id="bitcoin-price-retesting-key-support-areas">Bitcoin Price Retesting Key Support Areas</h2> 
<p>Over the last day, Bitcoin’s price has fluctuated between $60,648 and $62,800. The monthly chart shows that the current price range is retesting an area that previously acted as resistance when Bitcoin hit its all-time highs, according to popular analyst Rekt Capital. </p> 
<p>Rekt Capital suggests that this area is now acting as support for Bitcoin since last month’s halving sell-off did not drag the price below this range. </p> 
<h2 id="whale-accumulation-supports-potential-upside">Whale Accumulation Supports Potential Upside</h2> 
<p>In response to the recent market downturn, large Bitcoin investors, known as ‘whales’, have reportedly been buying more Bitcoin during the dips, as per market intelligence firm Santiment. </p> 
<p>Santiment noted that addresses holding more than 1,000 BTC have made some accumulation moves over the past 24 hours as Bitcoin’s price ranged between $61,000 and $64,000. </p> 
<p>This indicates that these large investors are displaying signs of confidence despite the price drop to $62,000, a positive sign as continued accumulation signals bullish sentiment among this investor group. </p> 
<h2 id="declining-bitcoin-balance-on-exchanges">Declining Bitcoin Balance on Exchanges</h2> 
<p>Data from on-chain metrics analytics firm CryptoQuant shows that the Bitcoin balance on exchanges has reached a five-year low of 1.927 million BTC after dropping 6.54% over the last 90 days. </p> 
<p>A decrease in Bitcoin balances on exchanges could mean that investors are moving their tokens into self-custody wallets, suggesting they don’t intend to sell in anticipation of a future price increase. </p>

Why Bitcoin’s Price Shift Could Happen Anytime: Traders Reveal 3 Reasons

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