{"id":231130,"date":"2021-04-20T11:00:00","date_gmt":"2021-04-20T08:00:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-technicals-sour-as-price-dives-under-54k-and-two-critical-whale-clusters\/"},"modified":"2021-04-20T11:00:00","modified_gmt":"2021-04-20T08:00:00","slug":"bitcoin-technicals-sour-as-price-dives-under-54k-and-two-critical-whale-clusters","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-technicals-sour-as-price-dives-under-54k-and-two-critical-whale-clusters\/","title":{"rendered":"# Bitcoin technicals sour as price dives under $54K and two critical whale clusters"},"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-6a3ccbed463d6\" 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-6a3ccbed463d6\" 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-technicals-sour-as-price-dives-under-54k-and-two-critical-whale-clusters\/#Why_are_whale_cluster_support_areas_important\" >Why are whale cluster support areas important?<\/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-technicals-sour-as-price-dives-under-54k-and-two-critical-whale-clusters\/#Both_whales_and_hodlers_responsible_for_sell-off\" >Both whales and hodlers responsible for sell-off<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin technicals sour as price dives under $54K and two critical whale clusters  <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>Bitcoin has dropped below $54,000 on April 20 while whale clusters suggest that the key areas for BTC\u00a0to reclaim in the short term are $56,274 and $55,172.<\/p>\n<p>The cryptocurrency market began to drop once again after an initial relief rally on Monday. Bitcoin dropped from $57,400 to sub-$54,000, losing the $55,172 whale cluster support level.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-04\/08f70bed-cf7c-4b49-b35f-d3f8ec5c1dda.jpeg\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Bitcoin whale clusters. Source: Whalemap<\/em><\/figcaption><\/figure>\n<p>In the near term, it is crucial for Bitcoin to rally above $55,172 and reclaim it as a support level. Otherwise, it is at risk of testing the $51,000 macro support area.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_are_whale_cluster_support_areas_important\"><\/span>Why are whale cluster support areas important?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Whale clusters form when whales or high-net-worth investors purchase or sell a significant amount of Bitcoin.<\/p>\n<p>Since whales tend to purchase Bitcoin at an area they previously bought at to defend their position, whale clusters are often a positive indicator of strong support areas<\/p>\n<p>Analysts at <a rel=\"nofollow noopener\" target=\"_blank\" href=\"http:\/\/whalemap.io\/\">Whalemap<\/a>, a data analytics platform that tracks whale activity, noted that there is a lot of whale volume at $58,000.<\/p>\n<p>In the short term, with $58,000 acting as an area of interest, the analysts said $56,274 and $55,172 are the key near term levels to watch.<\/p>\n<p>The analysts <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/whale_map\/status\/1384096795299487747\">said<\/a>:<\/p>\n<blockquote><p>&#8220;A lot of whale wallet volume was 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>ening at around $58k. This should be an area of struggle for Bitcoin. $56,274 and $55,172 are currently important supports that have to be respected for uptrend&#8217;s continuation.<\/p><\/blockquote>\n<p>If Bitcoin does not reclaim $56,274 and continues to decline, it would mean that whales are not adding to their existing positions.<\/p>\n<p>If this is the case, the $51,000 macro support level would be at risk of being tested once again, as Cointelegraph previously\u00a0reported.<\/p>\n<p>The $51,000 level is critical because if that breaks, it would cause the higher low structure of Bitcoin to break down, which may put the entire Bitcoin bull market in danger.<\/p>\n<p>&#8220;These are the key levels to look out for right now,&#8221; Whalemap analysts added. <\/p>\n<blockquote><p>There was an accumulation at the current level but if 55k does not hold we could easily go down to 47,438 where a strong support level is located.<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"Both_whales_and_hodlers_responsible_for_sell-off\"><\/span>Both whales and hodlers responsible for sell-off<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>On April 18, the price of Bitcoin fell sharply from the $60,000 mark to nearly $50,000 on the day&#8217;s lowest point.<\/p>\n<p>According to the analysts at Whalemap, it weren&#8217;t just long-time holders that sold, but also whales and high net worth investors.<\/p>\n<p>They wrote:<\/p>\n<blockquote><p>&#8220;Since Whalemap allows to track where the HODLer coins are coming from we can check that the coins transacted yesterday were originally purchased after the halving in 2020.\u00a0Checking the whale outflow map shows that the HODLer coins moving yesterday were actually not just HODLers but also whales since the bubbles are in the same locations.&#8221;<\/p><\/blockquote>\n<p>Based on this trend, it is difficult to speculate whether Bitcoin would see a major rally in the near term and resume its uptrend once more.\u00a0<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-04\/bd5f67b7-52e1-4fdc-bf9c-068aaaff1d74.jpeg\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-day price chart (Bitstamp) with key levels. Source: TraderXO<\/em><\/figcaption><\/figure>\n<p>Several notable traders shared a similar sentiment. Pseudonymous trader, &#8220;Trader XO,&#8221; said that while he is not bearish he does sees the potential of a deeper retracement.<\/p>\n<p>He <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Trader_XO\/status\/1384182962183278606\">said<\/a>:<\/p>\n<blockquote><p>&#8220;BTC Currently no position. Wouldnt say no to a deeper retracement around the 0.5 &#8211; 0.705 fib levels. Not bearish &#8211; Just wanting a better buying opportunity.&#8221;<\/p><\/blockquote>\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-technicals-sour-as-price-dives-under-54k-and-two-critical-whale-clusters\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin technicals sour as price dives under $54K and two critical whale clusters &#8221; Bitcoin has dropped below $54,000 on April 20 while whale clusters suggest that the key areas for BTC\u00a0to reclaim in the short term are $56,274 and $55,172. The cryptocurrency market began to drop once again after an initial relief rally&#8230;<\/p>\n","protected":false},"author":1,"featured_media":231131,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDQvMGIyNjUyMjAtZjY2Ny00MWI5LTk4NDUtMzhiODJhODJjOWFjLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,73785],"class_list":["post-231130","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/231130","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=231130"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/231130\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/231131"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=231130"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=231130"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=231130"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}