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


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.

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Whale Ratio
Source: CryptoQuant
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Cryptocurrency charts by TradingView.




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