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