Bitcoin price rose 15% on Thursday, marking its biggest daily gain since February. Prior to this rally, BTC succumbed to intense selling pressure caused by uncertainty over high interest rates, fears of a US recession, and rising geopolitical tensions in Europe and West Asia.
Bitcoin price today: Whales threaten rally
Bitcoin price remained above $60,000 during the American session on Friday. The largest cryptocurrency climbed to $62,755 after a breakout on Thursday, in parallel with the S&P 500’s rally from $5,200 to $5,326. Investors welcomed this rebound, especially in light of Monday’s crash.
A look at the short-term holding patterns of Bitcoin whales shows that the BTC price upswing could be challenged in the unrealized gains area between $64,000 and $65,000. Based on the short-term vs. long-term whales metric of CryptoQuant This region could act as support or resistance.
If Bitcoin price breaks the area, a rally targeting $70,000 could follow. However, pressure from above will hover over BTC in case bulls fail to break the resistance. Notice the price released by long-term holders at $22,000 in unreleased gains. Rising demand for Bitcoin will push this level further higher and trigger a significant upside move.
Let us stick with the bearish perspective, the IOMAP model of IntoTheBlock highlights resistance in the range between $63,583 and $64,395, where 1.63 million addresses purchased about 927.3 BTC. The red circles represent potential selling pressure, with the most noticeable coinciding with the realized price range of short-term Bitcoin whales.
According to the short-term fundamental outlook for Bitcoin price today, a rejection from the above-mentioned area could trigger another round of selling activity and push BTC to the strongest support between $54,520 and $55,657 – confirmed by a volume of around 643,300 BTC.
BTC price approaches $60,000
Bitcoin price was hovering at $60,500 at the time of analysis after facing headwinds above $62,000 on Thursday. In addition to the 20-day exponential moving average (EMA) capping the upside at $61,490, a death cross in the same daily range suggests that the chances of the rally reaching $70,000 are fading.
The previous Bitcoin price prediction shows that traders will consider switching to BTC shorts if the 200-day EMA support at $59,446 is breached. With a move like this, the largest digital asset could break the aforementioned IOMAP support.
The Spike in brief Position liquidations, as seen on Coinglass, could typically involve Bitcoins Price up today. It is worth noting that the situation is creating tailwinds as short sellers are being pushed to buy back their positions to offset the losses incurred, pushing the BTC price higher.
The $72.6 million Bitcoin short liquidation was more than three times the $17.4 million long liquidation. Combined with rising open interest, these are the ingredients for a rally targeting $70,000.
Frequently Asked Questions (FAQs)
This refers to the price at which holders purchased BTC. If the price fails to rise above this level after the drop to $49,000, some whales may decide to sell at the breakeven point, increasing the selling pressure.
The support at $60,000 promises liquidity for Bitcoin and could increase demand and trigger a breakout targeting $70,000.
Failure to break the $60,000 support could increase the selling pressure as Bitcoin price moves towards the $55,000 support.
Johannes Isige
John is a seasoned crypto expert known for his in-depth analysis and accurate price predictions in the digital asset market. As the price prediction editor for market content at CoinGape Media, he is dedicated to providing valuable insights into price trends and market forecasts. With his extensive experience in the crypto space, John has honed his skills in understanding on-chain data analysis, non-fungible tokens (NFTs), decentralized finance (DeFi), centralized finance (CeFi), and the dynamic metaverse landscape. Through his persistent reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.
Disclaimer: The content presented may contain the personal opinion of the author and is subject to market conditions. Conduct market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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