Bitcoin (BTC) faced the threat of reaching new local lows on April 16 as major investors refrained from selling. During the Asia trading session, BTC/USD experienced two dips below $62,000, influenced by nervous risk-asset markets. The Wall Street open saw unstable US stocks, and Bitcoin was unable to maintain its rebound. Popular trader Skew emphasized the importance of remaining above $62K for any chance of a significant bounce. He noted a risk-off mood across exchanges, characterized by consistent de-risking and clear pessimism in perpetual swaps markets. While bulls could potentially react during Europe trading hours, sideways movement dominated at the time of writing. Earlier reports highlighted downside targets for BTC, with prices potentially dropping to $59,000 on April 16 and even below $40,000 in the long term. Whalemap, a monitoring platform, identified $52,000 and $48,000 as key levels to watch based on whale liquidity. CoinGlass data showed that the largest band of sell-side liquidity was just above $64,000. Despite falling markets, whales showed little interest in selling. Research firm Santiment revealed ongoing accumulation by the largest BTC wallet cohorts since March 1. Wallets holding between 100 BTC and 1,000 BTC accumulated nearly 44,000 coins, while larger wallet classes added more than double that amount, despite Bitcoin’s recent all-time high on March 14. It is important to note that this article does not provide investment advice or recommendations, and readers should conduct their own research before making any decisions.
Bitcoin whales hold onto their holdings as BTC price drops below $70K, defying the expected 'euphoria'.