Bitcoin whales have sold approximately 60,000 BTC over the past week, while traders exercise caution due to the decline in open interest.
Bitcoin’s ongoing rally since last week surpassed the $37,000 threshold; the bulls are increasing their efforts to maintain support at those levels.
As of the current moment, the price of Bitcoin is $36,950, accompanied by selling pressure that is pointing downwards.
Bitcoin Whales Are Selling
Bitcoin whales have been methodically pursuing out in the past week, according to on-chain data.
Ali Martinez, a renowned crypto analyst, reported, citing data from Santiment, that Bitcoin whales cashed in on profits over the past week by selling or redistributing an estimated 60,000 BTC worth $2.22 billion.
In addition, at the current price, the total open interest (OI) is lower than when Bitcoin was valued at $25,000 compared to its previous benchmarks.
Notwithstanding the significant surge in cost, the reduced level of open interest suggests a possible lack of new capital inflows into the futures market, which indicates a cautious or bearish sentiment among traders.
Certain analysts maintain their expectations that Bitcoin may experience a retracement towards $20,000 or $25,000.Â
Alternatively, it could fall below $30,000.
Concerns regarding regulatory modifications, macroeconomic factors, and the intrinsic volatility of cryptocurrency markets give rise to such forecasts.
What Is the Future of the Bitcoin Price?
Should the bears effectively overcome the obstacle at $37,033.37, the value of Bitcoin will reestablish its upward trajectory and potentially confront the upper resistance at $38,082.91 in the immediate future.
Maintaining the price at this level might facilitate a market endeavor to attain the $40,000 end-of-year objective.
Conversely, if the bears establish control and cause a decline in momentum, the price might retreat to assess the support level at $36,000.
Prolonging the adverse trend may lead to a substantial decline in price and a potential examination of the critical support level at $33,429.29.
Prominent crypto analyst Rekt Capital offers accurate predictions and insights for investors regarding what may occur and how they should proceed.
