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The whole global cryptocurrency market is currently being overtaken by worries over Bitcoin’s next direction. The whales’ interest in owning BTC as an asset is waning, according to a Santiment analyst. In fact, during the last rally in the past few days, the whales were heavily offloading their holdings.
The total number of Bitcoin whales has decreased to a three-year low as of yesterday, according to the data made public by Glassnode. Also, there are substantially fewer active wallets that can send and receive Bitcoin. The MVRV Ratio and the DyDx funding rate of BTC are two more measures that also converged with the possibility of BTC going south.
Key Bitcoin Levels To Watch – March 5
Bitcoin has been performing well these days, ever since the reaction at the $15460.00 price level. However, the momentum diminished as prices entered the premium. After the $25215.00 resistance was hit, a retracement or a complete reversal began immediately.
The market is currently trading between the $32384.00 and $15460.00 price levels. As the price reached the 62.0% Fibonacci retracement level, the price reversed to the downside. According to the Moving Average Convergence Divergence (MACD), BTCUSD is now heading downward.
Bitcoin Key Levels
Resistance Levels: $48240.00, $32384.00, $25215.00
Support Levels: $21478.00, $18385.00 $15460.00
Total Market Capitalization: $1.03T
Bitcoin Market Capitalization: $432.83B
Bitcoin Volume: $13.3B
Market Rank: #1
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