Bitcoin

Many Bitcoin&nbsp;<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow">(BTC)</a>&nbsp;traders became bullish this week as prices rallied deep into the $88,000 level, but failure to overcome this level in the short term could be a take-profit signal.Alphractal, a crypto analytics platform, noted that Bitcoin whales have entered short positions at the $88,000 level.&nbsp;In a recent X post, the platform <a href="https://x.com/Alphractal/status/1904368302094217295" rel="noopener noreferrer nofollow">highlighted</a> that the “Whale Position Sentiment” metric exhibited a sharp reversal in the chart, indicating that major players with a bearish bias have stepped. The metric defines the relationship between the aggregated open interest and trades larger than $1 million across multiple exchanges.<figure><img alt="Bitcoin sellers lurk in $88K to $90K zone — Is this week’s BTC rally losing steam?" src="https://s3.cointelegraph.com/uploads/2025-03/0195ce0a-9f79-7aa4-bea1-209273daba33" title=""><figcaption>Bitcoin: Whale position sentiment. Source: X</figcaption></figure>As illustrated in the chart, the two circled regions are synonymous with Bitcoin price falling to the $88,000 level. Alphractal said:<blockquote> “When the Whale Position Sentiment starts to decline, even if the price temporarily rises, it is a strong signal that whales are entering short positions, which may lead to a price drop.”
</blockquote>Alphractal CEO Joao Wedson also <a href="https://x.com/joao_wedson/status/1904376791168397437" rel="noopener noreferrer nofollow">confirmed</a> that whales had closed their long positions and that prices have historically moved according to their directional bias.&nbsp;<figure><img alt="Bitcoin sellers lurk in $88K to $90K zone — Is this week’s BTC rally losing steam?" src="https://s3.cointelegraph.com/uploads/2025-03/0195ce09-5248-7b19-a05f-e3ce57161185" title=""><figcaption>Bitcoin: Bull score signals. Source: CryptoQuant</figcaption></figure>Similarly, 8 out of 10 onchain signals on CryptoQuant <a href="https://x.com/ki_young_ju/status/1902984870277918891" rel="noopener noreferrer nofollow">have turned bearish</a>. As highlighted above, with the exception of the stablecoin liquidity and technical signal indicators, all the other metrics flash red, underlining the likelihood of a possible pullback in Bitcoin price.Last week, Ki Young Ju, CEO of CryptoQuant, <a href="https://cointelegraph.com/news/bitcoin-bull-run-over-cryptoquant-ceo-sparking-debate" rel="noopener noreferrer nofollow">noted</a> that the markets were entering a bear market and that investors should expect “6-12 months of bearish or sideways price action.”<a href="https://cointelegraph.com/news/will-bitcoin-price-hit-130-k-in-90-days-yes-says-one-analyst" rel="noopener noreferrer nofollow">Related: Will Bitcoin price hit $130K in 90 days? Yes, says one analyst</a><h2 id="bitcoin-outflows-reach-424-million-in-7-days">Bitcoin outflows reach $424 million in 7 days</h2>While onchain metrics turned red, some investors exhibited confidence in Bitcoin. Data from IntoTheBlock <a href="https://x.com/intotheblock/status/1904500763235422622" rel="noopener noreferrer nofollow">highlighted</a> net BTC outflows of $220 million from exchanges over the past 24 hours. The sum reached $424 million between March 18 to March 24. This trend implies that certain holders are accumulating.&nbsp;<figure><img alt="Bitcoin sellers lurk in $88K to $90K zone — Is this week’s BTC rally losing steam?" src="https://s3.cointelegraph.com/uploads/2025-03/0195ce05-41a2-7317-a0cb-3ff9187f1fe0" title=""><figcaption>Bitcoin net outflows by IntoTheBlock. Source: X</figcaption></figure>On the lower time frame (LTF) chart, Bitcoin formed an intraday high at $88,752 on March 24, but since then, BTC has yet to establish a new intraday high.<figure><img alt="Bitcoin sellers lurk in $88K to $90K zone — Is this week’s BTC rally losing steam?" src="https://s3.cointelegraph.com/uploads/2025-03/0195ce06-5038-7187-b698-aff7087092a3" title=""><figcaption>Bitcoin 4-hour chart. Source: Cointelegraph/TradingView</figcaption></figure>With Bitcoin moving within the trendlines of an ascending channel pattern, it’s expected that the price will face resistance from the upper range of the pattern and 50-day, 100-day, exponential moving averages on the daily chart.&nbsp;With whales possibly shorting between $88,000 and $90,000, Bitcoin needs to close above $90,000 for a continued rally to $100,000.&nbsp;<a href="https://cointelegraph.com/news/bitcoin-sights-on-90k-spoofy-resistance-btc-price-boost" rel="noopener noreferrer nofollow">Related:&nbsp;Bitcoin sets sights on 'spoofy' $90K resistance in new BTC price boost</a>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 sellers lurk in $88K to $90K zone — Is this week’s BTC rally losing steam?

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