Bitcoin whale clusters signal $14.9K is the crucial level for BTC to hold

Published on by Cointele | Published on

New data from Whalemap suggests that in order to maintain bullish momentum Bitcoin price needs to hold above the $14,914 level.

Whale clusters, like the bubbles shown on the chart below, form when high-net-worth investors purchase Bitcoin and do not move them.

In the near term, it is crucial for Bitcoin to remain above $14,914 for a prolonged period.

Throughout the past week, Bitcoin has seen unusual price action and been quite volatile in a broad range.

The election risk noticeably benefited Bitcoin as investors sought out safe-haven assets.

Pfizer's vaccine breakthrough became an unexpected variable, causing Bitcoin and gold to plunge.

Despite these uncertainties, Bitcoin has remained comfortably above $13,600, a level which Whalemap analysts pinpointed.

As Cointelegraph previously reported, CryptoQuant CEO Ki Young Ju said in an interview that miners have been selling Bitcoin.

Bitcoin is seeing massive volatility because the market is uncertain.

The lack of clarity in the direction of Bitcoin is being shown by both the unusual price action and the mixed messages of on-chain data points.