There has been a remarkable contraction in the Bitcoin market in recent days. While the latest charts show that the cryptocurrency is experiencing strong selling pressure at the $ 80,000 level, it was reported that large investors, namely the addresses known as whales, did not show any visible activity.
Hard Sell Wall and Whale Tracking at $80,000
Bitcoin’s price continues to trade just below the $80,000 band. Analysts examining the charts argue that the liquidity concentrated especially at this level creates a significant barrier to an upward movement. This region, where sell orders frequently accumulate, makes it difficult to move the price up.
On the other hand, CVD (Cumulative Volume Delta) data also reveals the net position of large investors. It seems that the recent upward movement occurred without the strong participation of whales. This shows that the market still lacks solid support from major players and that there are no high-volume new purchases behind the upward movements. There is no significant increase in the transactions of whales, which are monitored as the largest group of wallets, since April 18.
The latest report stated, “Bitcoin is holding strongly but is putting pressure on a heavy selling wall. At the moment, whales do not seem to have chosen a strong direction; in case the $ 80,000 region is exceeded, activity may increase rapidly.”
This chart reveals that whale movements need to be monitored for a strong breakout to the upside. If large investors take serious positions and the $ 80,000 limit is exceeded, it is predicted that there may be sharp price fluctuations. However, for now, it is thought that the price squeeze will continue and volatility may increase due to whale transactions.
Correction Expectation in the Short Term, Main Support Zones
Another analysis suggests that Bitcoin may have entered a short-term “correction wave” after the last rapid rise. In the short-term chart shared by MCO Global DE, it is observed that the price has retreated from the local peak and retreated to a micro support area.
This micro support zone is located between $74,968 and $77,253. According to analysis, this area is quite critical for buyers due to various Fibonacci retracement levels located in this range. If buyers manage to keep the price above this band, the current decline may remain a correction and, in the broad perspective, the uptrend may prevail again.
At the same time, the first microresistance area noted on the chart also appears just below the current local peak. This suggests that Bitcoin price may retest both the sell wall above and the support line below before a major breakout occurs.
In the general view, the current structure concludes that no breakout has occurred and the market is in the correction phase. For the upward movement to continue, the price must remain balanced in the support band of $ 74,968-77,253 and buyers must intervene strongly in this region. Otherwise, it is possible that the downward movement will continue and lower levels will be tested.
