Bitcoin (BTC) was up nearly 5% in 24 hours at the open on Wall Street on March 25, but a new warning sign was spooking traders.
A Bitfinex whale turns to sell mode
Data from Cointelegraph Markets Pro and TradingView confirmed that the BTC/USD pair hit multi-week highs of $45,137 on March 25 as Wall Street went into gear.
However, as $45,000 resurfaced for the first time since the beginning of the month, so did all-too-familiar behavior among some of Bitcoin’s biggest investors.
Attention was focused on the Bitfinex exchange that day, a platform famous for high-volume traders, or whales, who guide short-term price action with their trades.
As noted by popular trader Pentoshi, the entity that had bought BTC at the last low near $34,000 had now placed a significant demand position starting at $45,000.
The finex whale who made the bottom (same signature) just showed up with a lot of asks presumably to close out those 34k longs. Something to watch in the coming days $BTC pic.twitter.com/gDR8qvBVEl
— Pentoshi (@Pentosh1) March 25, 2022
The whale that contributed to the floor (same firm) just came in with a lot of requests, presumably to close out those long contracts at the 34,000 level. Something to consider in the next few days
Leading Blockware Analyst, William Clement, He agreed and he told Twitter users that now was “popcorn time” for the market.
Meanwhile, Cointelegraph contributor, Michael van de Poppe, noted “a dozen” possible lower price targets should the BTC/USD pair soak up liquidity at previous March rejection points, which also sit just above $45,000.
“I’m not saying I’m bearish at this stage, but as we do this buildup, I’m not really interested in long positions right now,” he said in his latest YouTube update.
Only a new challenge from the $50,000 level, he added, would create the impetus to consider long positions.
“No Long Contracts” on Ethereum, Trader Says
Van de Poppe added that altcoins were also on the radar and it would be interesting to see how Ether (ETH), in particular, met the next resistance.
The top ten cryptocurrencies by market cap showed clear imitation strength on the daily time frames, led by the ETH/USD pair, which matched Bitcoin’s 5% gains.
Overall still watching how #bitcoin is going to react at resistance, and especially how $ETH will handle it there.
Not a long area for me. pic.twitter.com/NalEyg6Jiu
— Michael van de Poppe (@CryptoMichNL) March 25, 2022
In general, I continue to watch how Bitcoin will react to resistance, and especially how $ETH will handle it there.
It is not a long contract area for me.
Cardano (ADA), although down several percentage points on the day, is still up 35% compared to the same period last week, making it the best performer of the top ten.
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