Bitcoin has been surging nicely during the past few days, and the whole crypto space has been looking good.
There are all kinds of optimistic predictions popping up these days, and it seems that the momentum is here to stay.
The online publication the Daily Hodl notes some interesting levels to watch this month regarding the price of Bitcoin.
Blockchain analytics platform Whalemap just mapped out the key levels to watch for in Bitcoin (BTC) this month.
It’s been revealed that via Twitter, the on-chain insights platform highlights that Bitcoin’s correction, which drove the leading crypto asset from an all-time high of $61,683 to around $51,000, has officially ended after price respected the support of $57,000, indicating a possible trend reversal.
$BTC is back. Bouncing perfectly from whale supports so far. This is a good sign: in bear trends, whale resistances work better than supports and vice versa for bull trends. Whale supports are back to business now which means the trend has shifted. April should be quite fun 👀 pic.twitter.com/TYyX8Jafw0
— whalemap (@whale_map) March 30, 2021
Support resistance battle is intense
More than that, Whalemap added that for now, Bitcoin is trapped in a narrow range between the whale clusters of $60,000 and $57,000.
“The support resistance battle is intense. Levels from last week are working pretty well. Bitcoin is being capped by the $60,045 level pretty spot on. Is this the calm before the storm?” they posted.
The same online publication mento ned above notes that analyst Willy Woo also noted that $54k is an important level that we should keep our eyes on.
Looking at wallet flows, $54k is the strongest area of BTC price discovery by long term investors since $11k.
Typically, BTC forms a strong base of price discovery 2-3x above the (prior cycle) all-time-high before launching into bull market highs.
This phase is almost complete. pic.twitter.com/fXWkM1jBAy
— Willy Woo (@woonomic) April 2, 2021
At the moment of writing this piece, BTC is trading in the green, and the coin is priced at $57,825.19.