Key Points
- Bitcoin’s price has dropped by 1.85% in the last 24 hours and is currently trading at 17% below its all-time high.
- Despite the drop, technical data and whale activity suggest that a trend reversal could be imminent.
Bitcoin’s price has seen a 1.85% decrease over the last day, and it’s currently trading 17% lower than its all-time high of $73,835, which was achieved on March 14.
Bitcoin Price Retesting Key Support Areas
Over the last day, Bitcoin’s price has fluctuated between $60,648 and $62,800. The monthly chart shows that the current price range is retesting an area that previously acted as resistance when Bitcoin hit its all-time highs, according to popular analyst Rekt Capital.
Rekt Capital suggests that this area is now acting as support for Bitcoin since last month’s halving sell-off did not drag the price below this range.
Whale Accumulation Supports Potential Upside
In response to the recent market downturn, large Bitcoin investors, known as ‘whales’, have reportedly been buying more Bitcoin during the dips, as per market intelligence firm Santiment.
Santiment noted that addresses holding more than 1,000 BTC have made some accumulation moves over the past 24 hours as Bitcoin’s price ranged between $61,000 and $64,000.
This indicates that these large investors are displaying signs of confidence despite the price drop to $62,000, a positive sign as continued accumulation signals bullish sentiment among this investor group.
Declining Bitcoin Balance on Exchanges
Data from on-chain metrics analytics firm CryptoQuant shows that the Bitcoin balance on exchanges has reached a five-year low of 1.927 million BTC after dropping 6.54% over the last 90 days.
A decrease in Bitcoin balances on exchanges could mean that investors are moving their tokens into self-custody wallets, suggesting they don’t intend to sell in anticipation of a future price increase.
