Bitcoin ( ) was up almost 5% within 24 hours at Wall Street open March 25, but traders were being given cold feet by a new warning sign.
BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView
Bitfinex Whale flips to Sell Mode
Data from Cointelegraph Markets Pro, TradingView showed that BTC/USD hit multi-week highs at $45,137 on March 25, as Wall Street opened.
However, $45,000 was reappeared for the first-time since the beginning of the month. This was a result of all-too familiar behavior by some of Bitcoin’s largest investors.
Bitfinex, an exchange that is well-known for large-volume traders or whales who guide short-term price action through their trades, attracted the attention of the media.
Pentoshi, a popular trader, noted that the entity that bought BTC at a low of $34,000 has now placed a substantial ask at $45,000.
The finex whale that made the bottom (same sign) just arrived with many asks, presumably to end those 34k longs. Something to watch in the coming days $BTC pic.twitter.com/gDR8qvBVEl
— Pentoshi (@Pentosh1)
March 25, 2022
William Clemente Blockware analyst, shared his insights with Twitter users, saying that it was now “popcorn-time” for the market.
Michael van de Poppe (Cointelegraph contributor) meanwhile identified “a dozen” potential lower price targets should BTC/USD clear liquidity at previously rejected points starting March. These are also just above $45,000
“I’m certainly not saying that I’m bearish, but while you’re making this buildup, I’m really not interested in longs right now,” he stated in his most recent YouTube update.
He said that only a $50,000 rechallenge would give the push to take on long positions.
Trade: “No longer” Ethereum
Van de Poppe said that altcoins are also on the radar. It would be interesting to see Ether ( ETH) deal with any upcoming resistance.
Similar: How can you monitor the BTC price as Bitcoin approaches its March peak?
The market capitalization of the top ten cryptocurrency markets was clear. ETH/USD led the pack, matching Bitcoin’s 5% gain.
Nevertheless, we are still watching to see how #Bitcoin reacts at resistance and how $ETH will deal with it.
It’s not a large area for me. pic.twitter.com/NalEyg6Jiu
— Michael van de Poppe (@CryptoMichNL)
March 25, 2022
While Cardano ( ADA) dropped several percentage points over the day, it was still up 35% compared with the same time last weekend, making it one of the top ten most performing.
ADA/USD 1-day candle chart (Coinbase). Source: TradingView
