Bitcoin has seen some choppy price action in the past few days, with buyers and sellers largely stuck in an impasse.
After falling rapidly overnight, Bitcoin has seen a strong surge that has allowed it to climb back to $ 36,000.
Further development will no doubt depend on buyers‘ ability to convert $ 36,000 from resistance to support
One analytics platform notes that BTC has not yet tested its critical support brand – it’s just under $ 30,000.
Accordingly, there has been serious whale buying activity here in the past – and as such, these large buyers are likely to defend this level.
Bitcoin and the entire crypto market have seen some mixed price action lately, due to the lack of a clear BTC trend.
The cryptocurrency mainly hovered in a range between $ 30,000 and $ 40,000, with buyers and sellers unable to take control of the Bitcoin rate.
Where to go next will likely depend on whether bulls can hit the $ 40,000 level and turn it into support.
An analytics platform also indicates that there is some serious support just below the current BTC rate – which happens to be where serious whale accumulation has been observed.
Bitcoin surges above $ 36,000, bulls struggle to reverse the trend
Bitcoin is currently being traded slightly higher at its current price of $ 36,400 ( for instructions on how to buy Bitcoin at eToro ). This marks a remarkable rally from the recent lows of $ 34,000, which were hit just hours ago.
The lower $ 30,000 region has proven to be strong support, with any visit to this region allowing the bulls to regain short-term control of price action.
Any sustained decline below this support could reverse the cryptocurrency’s uptrend and result in significant losses.
Whales are likely to defend this important level of support
Regarding Bitcoin’s current support, an analyst writes that the price level just below $ 30,000 is likely to continue to act as a strong base of support.
So at this price point, whales are buying bitcoin – and big investors are likely to continue to defend this area.
“This is how you trade whale bubbles in case someone is wondering. Also, there have been large inflows to wallet wallets at $ 29,314. They will protect their btc … This should be strong support for bitcoin in the short term, and hopefully long term. „