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Bitcoin whale clusters pinpoint $18.6K as key short-term resistance

Published 12/12/2020, 04:00 AM
Updated 12/13/2020, 02:20 AM
Bitcoin whale clusters pinpoint $18.6K as key short-term resistance
BTC/USD
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The price of Bitcoin (BTC) has started to recover on Dec. 12 after briefly dropping below $17,700 yesterday. Whale clusters show that the $18,600 level remains the biggest short-term roadblock for BTC.

Whale clusters form at a price point where whales accumulate Bitcoin and do not move their holdings. Since whales are more likely to sell at a profit or breakeven rather a loss, clusters typically act as support or resistance levels.

Near-term Bitcoin whale clusters. Source: Whalemap
Crypto Fear and Greed Index. Source: Alternative.me, Cointelegraph Markets

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