Bitcoin key stakeholders have begun showing concerning signs of selling pressure. Data from Santiment reveals that significant wallet tiers have substantially reduced their holdings over the past week. Wallets holding between 100-1,000 BTC have offloaded 50,625 Bitcoin, equivalent to approximately $4.07 billion. Meanwhile, mid-sized investors with 10-100 BTC have sold 7,062 Bitcoin, worth around $567.1 million.
This selling pattern deserves attention because historically, market movements tend to correlate positively with the behavior of these wallet categories. When these mid-to-large holders accumulate, prices often rise. Conversely, when they sell, downward pressure frequently follows.
BTC Current Price Action and Critical Levels
Bitcoin is currently trading at around $83,252, attempting to retest the $83,917 resistance level. This price point is particularly significant because it previously functioned as support before flipping into resistance – a classic technical pattern that often indicates a shift in market sentiment.
Several key resistance levels loom overhead. The $87,279 mark represents a formidable barrier based on recent price action. Beyond that, the psychologically important $90,000 level could trigger a substantial rally if breached, potentially pushing Bitcoin to new heights.
Bitcoin Support Zones to Watch
Should Bitcoin fail to break through current resistance, a key support levels could come into play. The $73,000 level represents a particularly strong floor, aligning closely with the previous all-time high. This historical significance makes it a critical support zone.
The broader $71,000-$73,000 range offers substantial support, suggesting that any downward movement may struggle to break below this zone.
Potential Scenarios Ahead
Two primary scenarios are developing for Bitcoin near-term future. In a bullish outcome, Bitcoin could successfully clear the $83,000 level, potentially triggering a move toward $87,000. Should momentum continue to build and carry the price above this point, we might see Bitcoin challenge the $90,000 mark.
Read Also: Why Is Bitcoin Down Today? BTC Dip to $73,000 Looking Possible: Here’s Why
Alternatively, if Bitcoin faces rejection at current levels, we could see a bearish retracement back to test the $73,000 support zone. The strength of this support suggests that even in a bearish scenario, Bitcoin may find buyers at these lower levels.
Several factors are influencing market sentiment. On the positive side, Bitcoin recent rebound and increasing buying pressure demonstrate potential for upward movement. However, the emerging whale selling pressure revealed by Santiment data and an overall cautious market sentiment could push Bitcoin lower.
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