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On the 20th of April Bitcoin fell to below $54,000. Whale clusters indicate that the main point on the graph for BTC to get back in a few days are $56,274 and $55,172.
After Monday’s rally Bitcoin fell from $57,400 to below $54,000 losing that cluster support from whales.

In a few days Bitcoin prices must reach $55,172 to the initial support, or else they risk falling to the micro support level of $51,000.

Whale cluster support areas

Whale clusters come as a result of whales, or those with high capital, buying into the market or when they take their profit, selling a substantial amount of Bitcoin.

This is because whales buy at an area they had bought in the past to prevent prices from falling below that mark.

A whalemap analysis showed that there is a big volume of $58,000 held by whales. They stated that if $58,000 is an area of interest then the next areas to watch would be $56,274 and $55,172.

The analysts said:

A lot of whale wallet volume was happening at around $58k. This should be an area of struggle for Bitcoin. $56,274 and $55,172 are currently important supports that have to be respected for the uptrend's continuation.
If Bitcoin does not reclaim $56,274 and continues to decline, it would mean that whales are not adding to their existing positions.
If this is the case, the $51,000 macro support level would be at risk of being tested once again.
The $51,000 level is critical because if that breaks, it would cause the higher low structure of Bitcoin to break down, which may put the entire Bitcoin bull market in danger.

The analyst from Whalemap continued explaining how these areas were key areas to watch.

At the current level, there appears to be an accumulation and if prices are not stable at 55,000 then prices could quickly fall to 47,438 where they believe a strong support is.

The price of BItcoin was below its $60,00 mark well into being 50k on the lowest point into the day on the 18th of this month.

Whalemap says that it was not just the hodlers selling, the whales and investors were involved.

Posted Using LeoFinance ^Beta