Bitcoin Whales Are Back: What to Expect as BTC Faces Resistance at $68.3K

Bitcoin made its second attempt to break free of the $68,300 resistance and faced rejection one more time. However the price is stable and BTC is trading

Bitcoin price is struggling to break above $68,300 again after facing another round of selling pressure. However, the world’s largest crypto is still trading above key support. Meanwhile, a massive spike in whale activities has been observed.

Bitcoin price is showing signs of weakness as it fails to break above a crucial resistance level once more. However, the cryptocurrency is still holding onto key support from below.

After facing another round of selling pressure, Bitcoin price is now trading above a crucial support level. However, a massive spike in whale activities has been observed.

Bitcoin Price Analysis

Bitcoin price is now facing a strong resistance at $68,300 after failing to break above it twice. This level has been capping BTC price since March, preventing it from moving higher.

On the daily chart, a massive bullish engulfing candlestick was formed on September 21 after Bitcoin price recovered from a low of $65,000. This bullish momentum helped BTC price rally towards $68,300, where it faced another round of selling pressure.

After forming a double top pattern at $68,300, Bitcoin price dropped below $67,000 on September 23. However, the world’s largest cryptocurrency quickly recovered from this level and began trading sideways.

Bitcoin price is now trading at $67,670 after facing another round of rejection from $68,300. A strong support is now located at $66,650, which acted as a resistance during the recent bullish rally.

On the hourly chart, Bitcoin price dropped below $67,000 after facing strong selling pressure at $68,300. A lower support is now forming at $66,650, which acted as a resistance during the recent bullish rally.

The MACD histogram is showing weakening buying momentum, which is now valued at 63.7. On the other hand, the RSI is also seen correcting from an overbought zone. However, it is also forming a bearish divergence, which points towards an upcoming price drop.

To adjust with this bearish divergence, the price might have to retrace back to the $65,000 area. This level acted as a strong support during the recent bullish rally, which began on September 21.

Bitcoin Whale Activities

According to data from on-chain data platform Santiment, a massive spike in whale activities has been recorded over the past two days. This surge in big holders’ activities is the highest in over 2 months.

The platform shared its findings in an X post, where its data shows around 11,697 whale transactions that exceed $100k in value each. Such kind of Bitcoin whale activity has not been witnessed since the Japan stock market crash on August 4.

This sudden rise in whale activity hints at something big coming. However, the community is expecting a high surge in Bitcoin price, but the data says otherwise.

As reported earlier by Coinglass, large account holders have their shorts open for btc at and above this level. The highest intensity of these high value shorts can be seen around $68,500, $69,000 and at $69,500. This gives a clear idea of why bitcoin is unable to break past the $68,300.

What to Expect from Bitcoin Price?

Bitcoin price is still trading within a bullish structure on the daily chart despite facing another round of selling pressure at $68,300. However, the RSI on the hourly chart is forming a bearish divergence, which points towards an upcoming price drop.

If Bitcoin price fails to break above $68,300 in the coming hours, we can expect a bearish divergence on the daily chart as well. This could lead to a massive sell-off from the whales, who are known to take out profits quickly.

In such a case, a dominos effect can be created, which could plummet the btc price down to $65,000 or even lower. The area above this zone is all filled with difficulties, which will make it hard for the bulls to push through.

It will be interesting to see if Bitcoin can pass these or will get trapped in this zone for a longer period of time.

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