Forex and Crypto News

Bitcoin support is not enough for an upward movement

14:09 20 April /2021

Today, April 20, according to data from CoinMarketCap, Bitcoin, after yesterday's recovery, almost repeated Sunday's failure, losing support at $55172 and dropping to a low price of $53634 during the Asian session.

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The analytical company Whalemap, which monitors the behavior of whales and large investors in the Bitcoin network, has established that the formed clusters of the maximum volumes of cryptocurrency purchases in a certain price range play one of the most important functions in the formation of trade trends. To protect their Bitcoins, bought at a certain level, whales and hollers often buy on it every time bears try to lower the price below the formed cluster.

In the near future, it is critically important for Bitcoin to restore support at $55172 in order to prevent the price from dropping to the key support at $51325.

Whales and hodlers must support Bitcoin to continue the uptrend. Otherwise, this would mean a decrease in demand for Bitcoin.

If the support level of $55172 is broken, Bitcoin may test the critical support level of $51325 and be under the threat of a transition into the hands of the bears.

It is difficult to predict whether the upward movement of Bitcoin will resume and how seriously it will continue.

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