Bitcoin Whales and Sharks Accumulate 133k BTC, BTC Price Prediction

In this struggling cryptocurrency market, Bitcoin Whales and sharks are the ones continuously taking advantage of the price drop.

As Bitcoin (BTC) continues to trade below the key $60,000 level, traders are closely monitoring the price action and technical indicators for potential clues about the next market move.

According to the latest analysis by an expert technical analyst, BTC has turned bearish on a daily time frame as it is trading below the 200 Exponential Moving Average (EMA). However, the coin is also at a crucial support level of $58,000.

In the last 20 days, BTC has revisited this support level several times, and each time it has experienced a price surge of over 8%. Based on this historical price momentum, there is a high chance that BTC could once again soar by 8% in the coming days.

On the other hand, if BTC fails to hold the $58,000 level and closes a daily candle below the $57,500, there is a possibility it could experience a massive sell-off to the $54,000 level.

At press time, BTC is trading near the $58,600 level and has experienced a price drop of over 5% in the last 24 hours. However, its trading volume has increased by 50% during the same period, which indicates higher participation from traders amid price drops.

Meanwhile, BTC’s open interest has dropped by 10% in the last 24 hours, according to the data from the on-chain analytic firm CoinGlass. This decline in open interest indicates lower interest and increased fears in the market.

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