Beware the Bitfinex whale: New $45K BTC sell wall appears amid worries Bitcoin could retrace
Bitcoin (BTC), which was up almost 5% in 24hrs at the Wall Street Open on March 25, was a warning sign for traders.
BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView
Bitfinex Whale flips to Sell Mode
TradingView and Cointelegraph Markets Pro data confirmed that BTC/USD hit multi-week highs at $45,137 on March 25, as Wall Street opened.
However, $45,000 was reappeared for the first-time since the beginning of the month. This was a result of all-too familiar behavior by some of Bitcoin’s largest investors.
Bitfinex, an exchange that is well-known for large-volume traders or whales who guide short-term price action through their trades, attracted the attention of the media.
Pentoshi, a popular trader, noted that the entity that bought BTC at a low of $34,000 has now placed a substantial ask at $45,000.
The finex whale that made the bottom (same sign) just arrived with lots of questions, presumably to close those 34k longs. Something to watch in the coming days $BTC pic.twitter.com/gDR8qvBVEl
— Pentoshi (@Pentosh1) March 25, 2022
William Clemente, Blockware’s lead insights analyst, agreed with the statement to Twitter users that it was now “popcorn-time” for the market.
Michael van de Poppe (Cointelegraph contributor) meanwhile identified “a dozen” potential lower price targets should BTC/USD clear liquidity at previously rejected points starting March. These are also just above $45,000
He stated that he is not bearish at the moment, but while we are building this build-up, he wasn’t interested in longs at the point.
He said that only a $50,000 rechallenge would give the push to take on long positions.
Trade: “No longer” Ethereum
Van de Poppe said that altcoins are also on the radar. It would be interesting to see Ether (ETH) deal with upcoming resistance.
Related: How do you monitor the BTC price levels as Bitcoin nears its March peak?
The market capitalization of the top ten cryptocurrency markets was clear. ETH/USD led the pack, matching Bitcoin’s 5% gain.
I am still watching #Bitcoin’s reaction to resistance and how $ETH will respond there. It’s not a large area. pic.twitter.com/NalEyg6Jiu
— Michael van de Poppe (@CryptoMichNL) March 25, 2022
Despite losing several percentage points, Cardano (ADA) was up 35% compared with last week. This makes it the top ten best performer.
ADA/USD 1-day candle chart (Coinbase). Source: TradingView
