Alphractal, a crypto analytics platform, noted that Bitcoin whales have entered short positions at the $88,000 level. In a recent X post, the platform highlighted that the “Whale Position Sentiment” metric exhibited a sharp reversal in the chart, indicating that major players with a bearish bias have stepped.
Source: Cointelegraph/TradingViewWith Bitcoin moving within the trendlines of an ascending channel pattern, it’s expected that the price will face resistance from the upper range of the pattern and 50-day, 100-day, exponential moving averages on the daily chart. With whales possibly shorting between $88,000 and $90,000, Bitcoin needs to close above $90,000 for a continued rally to $100,000. Related: Bitcoin sets sights on 'spoofy' $90K resistance in new BTC price boostThis article does not contain investment advice or recommendations.
Alphractal said, “When the Whale Position Sentiment starts to decline, even if the price temporarily rises, it is a strong signal that whales are entering short positions, which may lead to a price drop.”Alphractal CEO Joao Wedson also confirmed that whales had closed their long positions and that prices have historically moved according to their directional bias. Bitcoin: Bull score signals.
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Author / Journalist: Cointelegraph by Biraajmaan Tamuly
The story "Bitcoin sellers lurk in $88K to $90K zone — Is this week’s BTC rally losing steam?" has 502 words across 24 sentences, which will take approximately 3 - 5 minutes for the average person to read.
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