Holdout Whales: BTC Price Shuns $70K Euphoria

Bitcoin faced the threat of reaching new local lows on April 16 as large-volume investors refrained from selling. During the Asia trading session, the price of BTC experienced two dips below $62,000. This was influenced by risk-asset markets, which were displaying nervousness overall. Stocks in the United States were unstable at the Wall Street open and Bitcoin failed to maintain its rebound. Popular trader Skew emphasized the importance of staying above $62K for any chance of a significant bounce in the market.

Skew noted that there was a risk-off mentality across exchanges, with consistent de-risking and clear pessimism characterizing perpetual swaps markets. He suggested that bulls might respond during Europe trading hours, but at the time of writing, the market was mostly moving sideways. Previous reports mentioned various downside targets for BTC, including a target of $59,000 for April 16 and even a target below $40,000 in the long run. Whalemap, a monitoring platform, identified $52,000 and $48,000 as important levels to watch in terms of whale liquidity.

The Whalemap team stated that after experiencing euphoria at $70,000, smart money began taking profits, leading to a consolidation range. Now, the market is approaching its lows, indicating a potential shakeout. The largest band of sell-side liquidity, according to data from monitoring resource CoinGlass, was located slightly above $64,000.

Despite the falling market, whales appeared uninterested in selling their Bitcoin holdings. Research firm Santiment noted that the largest BTC wallet cohorts were accumulating more Bitcoin since March. This indicates that key stakeholders in Bitcoin are confident in holding their positions despite the volatility that caused the market’s value to drop to as low as $61,500 over the weekend. Wallets holding between 100 BTC and 1,000 BTC accumulated nearly 44,000 coins since March 1, while larger wallet classes added more than double that amount.

Bitcoin’s price experienced new local lows on April 16 due to hesitant selling from large-volume investors. The market was influenced by a risk-off mood and displayed clear pessimism. While there was hope for a bounce during Europe trading hours, the market remained relatively stagnant. Various downside targets were identified, and whale liquidity levels were closely watched. Despite the drop in price, key stakeholders in Bitcoin continued to accumulate more coins, indicating confidence in holding their positions.