BTC is still reeling after yesterday’s rejection near the $19,500 level, which was just a few hundred dollars shy of the previous peak seen in Dec 2017.
In today’s early sessions, BTC formed a swing low near $16,219 as the bears attempted to push the price below $16,200, but they failed. The bulls protected the $16,300 support zone and pushed BTCUSD above $16,500. The coin surged higher in the next few sessions before encountering some heavy resistance at $17,500.
The bears then managed to flip $17K into resistance, resulting in a pullback that has taken BTC to its current price of $16,773.
BTCUSD Chart By TradingView
The bears are now making a stand to break what’s left of support near $17K as they aim to erase the gains that have come about due to the recent BTC uptick.
A further decline below the current price would send BTC to its multi-week support at $16,200. If this support is broken, it will strike a serious blow to the digital asset’s technical outlook in the near term.
BTC Succumbs to Immense Sell-Side Pressure
It has been a rough 48 hours for BTC after it saw a spell of intense selling pressure that caused prices to tank. The flagship cryptocurrency currently trades almost $3,000 less than the recent highs that saw it almost set a new all-time high record.
And now, one crypto analyst expects some serious mid-term losses as whales continue to deposit their coin holdings into exchanges rapidly, indicating that a flurry of sell-side pressure is imminent.
Ki-Young Ju, the founder of analytics firm CryptoQuant, shared the chart below showing a sharp increase in the All Exchanges Inflow Mean over the past several hours.
All Exchanges Inflow Mean By CryptoQuant
“All Exchanges Inflow Mean (144-block MA) hit 2 BTC. I think we’re in a danger zone. The price is likely to go sideways or down when whales are active on exchanges,” Ju tweeted.
ETH Price Steadies Above $500
Yesterday, the entire crypto market experienced a sharp decline that affected BTC, ETH, XRP, and other top altcoins. Ethereum, which broke below $550 during that market slip, started the day with a further decline that took it below $500 before the bulls appeared near $480.
ETHUSD Chart By TradingView