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Last week, buyers continued their efforts to hold above the $37,000 level as <a href="https://en.coin-turk.com/renowned-crypto-analyst-forecasts-major-surge-for-bitcoin-and-ethereum/”>Bitcoin (BTC) rally couldn’t surpass $37,000. However, the current price of $36,873 indicates that buyers have not yet exerted the desired pressure on the crypto king.
Bitcoin Whales Selling
According to on-chain data, there was a significant selling trend among Bitcoin whales last week. Experienced cryptocurrency analyst Ali Martinez, referring to data provided by Santiment, highlighted that Bitcoin whales sold or redistributed a total of 60,000 BTC, worth about $2.2 billion, either to take profits or distribute.
Additionally, the Open Interest (OI) is currently low compared to periods when Bitcoin’s price was around $25,000. Despite the significant price increase, the low OI suggests limited or no new capital inflow into the futures market. This indicates that investors are exercising caution or expecting a decline.
In this context, analysts suggest that Bitcoin may drop to $20,000 or $25,000 levels, or potentially below $30,000, citing various factors such as regulatory changes, macroeconomic impacts, and the inherent uncertainty of the cryptocurrency market.
Where is BTC Price Heading?
If buyers manage to push the price above the resistance at $37,033, they could potentially make a move to break the upper resistance at $38,082 in the short term. Holding above this level could increase the likelihood of reaching the widely anticipated end-of-year target of $40,000.
On the other hand, if sellers continue to gain dominance and momentum, BTC price could retrace and test the support at $36,000. In this scenario, a significant price drop and a test towards the critical support level at $33,429 can be expected.
