Bitcoin Whale Clusters reveal stronger levels of support for BTC

Groups of whales show that the main short-term support areas for Bitcoin are $16,694, $16,411 and $16,064.

Since it peaked at $19,484, the price of Bitcoin Profit scam has struggled to recover the level of $17,000-$18,000. As the price continues to fall, traders are targeting support levels to determine where they will buy if the BTC price continues to fall.

The immediate whale cluster-based support levels are $16,694, $16,411 and $16,064. Below the $16,000, $15,355, $14,914 and $13,740 support levels that could serve as macro support areas.

Whale clusters are formed when whales accumulate BTC and do not move their recently acquired funds. The clusters also indicate where the whales last purchased, meaning potential support areas.
Bitcoin Whale Clusters.

US$ 16,411 is the short term level to be observed for Bitcoin

The price of Bitcoin has been losing strength in the last 24 hours. Following such an important correction, some consolidation is expected as the price seeks to stabilize.

A positive trend is that buyers have aggressively defended the $16,411 support area, marked by whale clusters. This shows that there is sufficient buyer demand in the market to avoid a wider retraction, at least in the short term.

On November 27th, Bitcoin tested the $16,200 to $16,400 support range twice in a 22-hour period. Both new tests had a decent response from buyers, as BTC rose above $16,800 in both cases.

For most of the day, Bitcoin remained above $17,000 and peaked at $17,400, showing signs that BTC is regaining its momentum.

Still, some traders are not ruling out the possibility of BTC falling to the lower macro support areas. A trader known as „Wolf“ said that the weekly chart is showing signs of over-extension. As such, he said that the $13,000 region could be tested. The trader explained:

„Unlike $ETH, $BTC seems very extended since the 21EMA weekly, still far from an interesting support. My ideal entry would be the main support outlined in 13k. Currently we can maintain the weekly 16213 support and then go down to an ABC correction. ”

Another pseudonym, „Crypto Capo“, suggested a similar trend. He said he sees a scenario where BTC rises to $18,000 and then falls to the $13,000 region.

Interesting price action means more technical analysis. I hope the trend cools down here. US$ 172.14 is the key level to observe, close daily down here and I hope we move forward to test the 0.382 level.

Although there are short-term pessimistic forecasts from experienced Bitcoin investors, some technical analysts say the consolidation may take some time.

Michael van de Poppe, a full time trader on the Amsterdam Stock Exchange, said the market faced a strong downturn. After the correction, Poppe said the consolidation could last several weeks. He said:

„Relax and zoom in, the market is making a healthy correction and giving everyone a great opportunity to invest. Don’t get impatient, the market will make a natural background to confirm you are in. It only takes weeks. ”

In the short term, the immediate area of interest to buyers remains the three levels of whale clustering at $16,694, $16,411 and $16,064. If BTC falls below these levels convincingly, the likelihood of a deeper correction may increase significantly.

After the sharp drop in the price of Bitcoin (BTC), whale clustering shows several areas as key support levels. These levels can allow BTC to stabilize and regain its momentum in the short term

After Hack – KuCoin takes another big step back to normal

KuCoin crypto exchange switches all deposits and withdrawals on again and slowly normalizes its operations again.

After a serious hacker attack in September, the crypto exchange KuCoin took the last step to fully restore its systems today

Accordingly, she writes in a blog entry today that „Deposits and withdrawals for all cryptocurrencies have been restored“.

In October, the crypto exchange had partially resumed operations , so payouts for BTC, ETH and USDT were already available. With the latest step, the trading platform enables its users to make deposits and withdrawals for all crypto currencies again. The only remaining caveat is that some cryptocurrencies have a withdrawal limit as the funds in question are still part of “legal proceedings”.

The „reopening“ is a big step back to normal for the crypto exchange after it fell victim to a serious hacker attack on September 26th

The trading platform had initially put its losses at 150 million US dollars, but the crypto market researchers from Chainalysis are rather expecting a loss of 275 million US dollars.

The hacker attack had triggered a wave of solidarity in the crypto community, in which many crypto projects also froze their crypto funds , and transferred them back if it could be determined that they came from the hack.

On October 1, the crypto exchange reported that it was able to identify the alleged attacker and recover more than 200 million US dollars.

However, for KuCoin the end is far from being good, because the next problems are already in sight for the crypto trading platform.

As Cointelegraph reported, the crypto exchange has to face legal proceedings on two fronts . On the one hand, such proceedings are pending in Singapore and, on the other hand, a class action lawsuit has been filed in the USA.