After the rapid rise in the bitcoin (BTC) price in recent days, the first real resistance has now been reached. Since last night, the bitcoin price has fallen somewhat and, according to analyst Will Clemente, a number of whales gain. In the short term, what is an important price level to keep an eye on?
Bitcoin (BTC) price hits obstacle and dips
Since October 4, bitcoin has actually only risen. To top it all off, we saw a spike in trading volume yesterday afternoon and BTC rose over 8% in value in just a few hours. It peaked at $55,757 and that’s where the nice gains seem to be coming to an end for now.
After tapping this price, the price has fallen in value again by a few percent. At the time of writing, the price of bitcoin is $53,840 on crypto exchange Coinbase. For the time being, it is not a huge correction, but it may be necessary to be careful in the short term, even so late on chain analyst Clemente know in a tweet:
“I see whales taking some profit. Still in clear upward trend since the end of July, but let’s keep a close eye on this in the coming weeks.”
Seeing whales take some profits. Still in clear uptrend since late July but let’s just keep a close eye on this over the next few weeks.
Side note: Notice the general inverse correlation whale balances have to exchange balances (blue). pic.twitter.com/QdlzOPJNJY
— Will Clemente (@WClementeIII) October 7, 2021
The graph shows how the green line (the number of whales with more than 1,000 bitcoins) has been falling in recent days. So these are whales that seem to be taking a profit. Since July, the number of whales has actually increased, which is generally a positive sign.
Top 10 is changeable, polkadot (DOT) the hardest riser
The rest of the market is also cooling down. Compared to 24 hours ago, Ethereum (ETH) is down 0.7% in value while cardano (ADA) can still take a small sprint. The altcoin has lagged for a long time in recent days, but is now in the plus by just under 2%. Solana (SOL) is 3% with competitor polkadot (DOT) just 7% in the plus. This makes DOT the fastest climber of the top 10.
Dogecoin (DOGE) drops back to 10th place and is 5.7% down. Its rival, shiba inu (INU), stole the show this week by rising by hundreds of percent. But investors who entered in the past few hours are now facing a correction of about 20%. Investors who entered October 1 are still 300% in the plus.