Large clusters of “unspent bitcoins” stored on wallets with a balance of more than 10,000 BTC are concentrated near the $10,570 and $11,288 marks.
It can be assumed that the levels of $10,570 and $11,288 in the short term will add up resistance levels that restrain price growth. With an upward movement, whales may begin to take profits at these levels.
They can also sell coins at the indicated levels at breakeven if the price rise is replaced by a sharp fall.
Trader Edward Morra identified on the Coinbase exchange a cluster of ~ 2,500 BTC buy orders in the $10,000 region.
If support in the $10,000 – $10,200 range holds, it is likely that a retest of the $10,570 mark will follow.
Several on-chain metrics indicate a high likelihood of a bearish scenario for Bitcoin. According to Glassnode, the amount of transaction fees received by miners for deposits on exchanges rose to the level of the end of 2017.
Let us remind you that RoboForex analyst Dmitry Gurkovsky does not exclude the continuation of the market correction before a new round of growth.