Bitcoin Taps $44K But Warning Signs Appear, What’s Next?

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Bit­coin has been sup­port­ed by the dynam­ic and sta­t­ic sup­port lev­els on the dai­ly frame. How­ev­er, from an onchain per­spec­tive, the inten­si­ty of whale activ­i­ties is sig­nalling a pos­si­ble sell pres­sure in short term. It remains to be seen if it can be absorbed by the buy­ers and see­ing bit­coin break­ing above the next major resis­tance around $48K.

Technical Analysis

By: Shayan

Long-Term

Bit­coin has been sup­port­ed by the 100-day mov­ing aver­age and the $40K-$42K sup­port zone simul­ta­ne­ous­ly. The next major resis­tance area will be the $48K zone and the 200-day mov­ing aver­age. A new all-time high will become more prob­a­ble if Bit­coin suc­cess­ful­ly breaks and con­sol­i­dates above these two levels.

Technical Analysis; D-TF
Chart by TradingView

Short-Term

On the 4H time frame, the price is cur­rent­ly test­ing a major bear­ish trend­line. If it can break this trend­line, the next short-term resis­tance will be the $45.7K lev­el (Blue hor­i­zon­tal line). How­ev­er, a pull­back to the demon­strat­ed bull­ish trend­line is expect­ed if the price is reject­ed from the men­tioned lev­els. A break­down from the ascend­ing line may cause BTC to drop deep­er and test the $33K bottom.

Technical Analysis; 4HR-TF
Chart by TradingVIew

Onchain Analysis

By: Edris

His­tor­i­cal­ly, high val­ues of the whale ratio met­ric have led to a price cor­rec­tion. It is cal­cu­lat­ed by divid­ing bitcoin’s top 10 inflows to exchanges by all the inflows in a day. In this sit­u­a­tion, we can con­clude that the whales are deposit­ing BTC to exchanges rapid­ly, and a cor­rec­tion is high­ly prob­a­ble. In the last cou­ple of days, the Whale Ratio has spiked – a bear­ish sig­nal for the short term.

Whale Ratio
Source: Cryp­to­Quant
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Dis­claimer: Infor­ma­tion found on Cryp­toPota­to is those of writ­ers quot­ed. It does not rep­re­sent the opin­ions of Cryp­toPota­to on whether to buy, sell, or hold any invest­ments. You are advised to con­duct your own research before mak­ing any invest­ment deci­sions. Use pro­vid­ed infor­ma­tion at your own risk. See Dis­claimer for more information.

Cryp­tocur­ren­cy charts by TradingView.



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