United

Bitcoin

Whalemap

April

Frenzy

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Bitcoin (BTC) experienced fresh dips below $62,000 on April 16, signaling potential new local lows.</li> 
 <li>Large-volume investors are holding off on selling despite the market volatility.</li> 
</ul>  
<p>Bitcoin’s value dipped below $62,000 twice during the Asian trading session on April 16, indicating a potential for new local lows. This decline was observed in the context of a generally nervous risk-asset market. </p> 
<h2 id="market-sentiments-and-predictions">Market Sentiments and Predictions</h2> 
<p>The day was marked by shaky United States stocks at the Wall Street opening and Bitcoin’s failure to maintain its rebound. A popular trader, Skew, emphasized the importance of Bitcoin remaining above $62K to have any chance of a significant bounce. </p> 
<p>The trader also noted a risk-off mood across exchanges, characterized by consistent de-risking and a clear pessimism in the perpetual swaps markets. He suggested that a bullish reaction could occur during European trading hours, but at the time of writing, the market was predominantly moving sideways. </p> 
<h2 id="downside-targets-and-whale-activity">Downside Targets and Whale Activity</h2> 
<p>Potential downside targets for Bitcoin’s price action were identified, extending to $59,000 for April 16 and below $40,000 in the long term. Monitoring platform Whalemap identified $52,000 and $48,000 as other key levels. </p> 
<p>Despite the market volatility, large-volume investors, also known as whales, seemed uninterested in selling. Research firm Santiment reported ongoing increases in exposure from these investors since March. </p> 
<p>From March 1, wallets holding between 100 BTC and 1,000 BTC have accumulated nearly 44,000 coins. Larger wallet classes added more than double that tally, even though Bitcoin’s latest all-time high was recorded on March 14.</p>

Bitcoin Whales Hold Tight As BTC Price Plunges, Shrugging Off $70K Frenzy

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