{"id":142423,"date":"2020-12-27T21:39:21","date_gmt":"2020-12-27T18:39:21","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-whale-clusters-pinpoint-key-support-level-for-the-rally-to-continue\/"},"modified":"2020-12-27T21:39:21","modified_gmt":"2020-12-27T18:39:21","slug":"bitcoin-whale-clusters-pinpoint-key-support-level-for-the-rally-to-continue","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-whale-clusters-pinpoint-key-support-level-for-the-rally-to-continue\/","title":{"rendered":"# Bitcoin whale clusters pinpoint key support level for the rally to continue"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3846717cf95\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3846717cf95\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-whale-clusters-pinpoint-key-support-level-for-the-rally-to-continue\/#%E2%80%9CShould_not_be_going_lower_than_23409%E2%80%9D\" >&#8220;Should not be going lower than $23,409&#8221;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-whale-clusters-pinpoint-key-support-level-for-the-rally-to-continue\/#Where_would_BTC_top_out_at\" >Where would BTC top out at?<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin whale clusters pinpoint key support level for the rally to continue <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>Bitcoin (BTC) whale clusters show that the $23,409 level has become an area of focus for large traders. This indicates that the ongoing bull run is buoyed by whales continuing to accumulate above $23,000.<\/p>\n<p>Whale clusters form when whales purchase Bitcoin and do not move their BTC holdings from the price of purchase. Clusters are useful in determining Bitcoin\u2019s support levels, especially when the market moves rapidly.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-12\/61439b9e-571e-405e-be4c-765e2a7db268.jpg\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Bitcoin whale clusters. Source: Whalemap.io<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"%E2%80%9CShould_not_be_going_lower_than_23409%E2%80%9D\"><\/span>&#8220;Should not be going lower than $23,409&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>According to analysts at Whalemap, a data analytics firm that tracks Bitcoin whale activity, BTC has formed a strong floor in the $23,000 to $23,500 range. They <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/whale_map\/status\/1342829604667617281\/photo\/2\">said<\/a>:<\/p>\n<blockquote><p>\u201cSurprisingly large amounts of losses were flowing on-chain at 19k prices. When this h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ens in bullish conditions BTC gives us nice rallies (10k&#8211;&gt;20k last time). We have multiple strong supports at recent prices as well&#8230; Should not be going lower than $23,409.\u201d<\/p><\/blockquote>\n<p>It is important for Bitcoin to establish solid support areas during a bull run due to the risk of sudden corrections. If whale clusters are present at high price levels, like $23,409, then whales are likely to bid slightly higher and sustain Bitcoin\u2019s momentum.<\/p>\n<p>Peter Brandt, a long-time trader, pinpointed the parabolic line of Bitcoin dating back to October as a key area to watch. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-12\/e180ece4-6831-4098-ba71-91021cd17aa1.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Daily BTC\/USD price chart with trendlines. Source: TradingView.com, Peter Brandt<\/em><\/figcaption><\/figure>\n<p>The line indicates $24,000 as the critical support area, which would mean BTC needs to stay above it to prevent a large drop. Brandt <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/PeterLBrandt\/status\/1343194005547462658?s=20\">wrote<\/a>:<\/p>\n<blockquote><p>\u201cBitcoin $BTC is advancing in parabolic move from Sep &#8217;20 low. I expect this curve to be violated at some point, but not to produce 80% decline. Green curve is a larger parabolic advance from Dec 2018 &amp; Mar 2020 lows. This is the driver of bull market.\u201d<\/p><\/blockquote>\n<p>In the near term, the whale clusters and the parabolic trendline show that $23,409 and $24,000 are the two key levels Bitcoin must hold. <\/p>\n<p>Below $24,000, the chances of an accelerated correction increase, which could worsen if whale cluster support areas are breached.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Where_would_BTC_top_out_at\"><\/span>Where would BTC top out at?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Traders <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a>ly believe Bitcoin could rise to two levels: $30,000 and $36,000. The latter has become a popular near-term prediction because the options market indicates a high probability of $36,000 being hit in the upcoming months. Of course, the former is a key psychological level.\u00a0<\/p>\n<p>A pseudonymous trader known as \u201cByzantine General\u201d said that he foresees Bitcoin topping out at $30,000. He explained that $30,000 is the \u201cgolden ratio extension\u201d level and also has sell orders on Coinbase and Bitfinex. He <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/ByzGeneral\/status\/1343226310454345729\">said<\/a>:<\/p>\n<blockquote><p>\u201cI think this rally tops out mid-term around 30k. It&#8217;s the golden ratio extension. Also happens to be where CB &amp; Finex got fat asks laying around.\u201d<\/p><\/blockquote>\n<p>On Dec. 27, Cointelegraph reported that Bitcoin im<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>tely saw big volatility, ultimately shedding 6.5% within a span of a few hours after the price topped out at $28,200 across major exchanges. Given that resistance areas with heavy sell order scan be met with large pullbacks, the $30,000 area could present a major short-term roadblock to Bitcoin.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-whale-clusters-pinpoint-key-support-level-for-the-rally-to-continue\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin whale clusters pinpoint key support level for the rally to continue &#8221; Bitcoin (BTC) whale clusters show that the $23,409 level has become an area of focus for large traders. This indicates that the ongoing bull run is buoyed by whales continuing to accumulate above $23,000. Whale clusters form when whales purchase Bitcoin&#8230;<\/p>\n","protected":false},"author":1,"featured_media":142424,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2020-12\/34809a73-81e9-4eb7-ba4e-3d83fee3acc3.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,74939,73785],"class_list":["post-142423","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-market-analysis","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/142423","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=142423"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/142423\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/142424"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=142423"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=142423"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=142423"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}