Bitcoin Slumps to $43,000 as Large Whales “Buy the Dip”

Updated:

As Bitcoin (BTC) records a massive correction, it would seem that large whale addresses have seized the moment to purchase the benchmark cryptocurrency at a discount, as reports show that whales accumulated over 6,000 coins yesterday alone. This revelation came from CryptoQuant analysts.

Meanwhile, popular crypto commentator Yu Shiuan Chen recently tweeted an insight into the trading behavior of Bitcoin investors, noting: “Retail investors and small whales sell BTC, but top 69 large whales buy the dip. We can see a slight increase in BTC exchange reserves during the last 7 days, but Top 69 large whales buy the dip, even today they bought more than 6,000 BTC (Net).”

CryptoQuant analysts also concluded that “as a whole, most of the holders continue to HODL and traders continue losing their coins,” adding: “In a short period, any movement to the downside is just noise.”

At the time of writing, BTC staggered around the $43,600 area and traded at -1.6% on the day, as the broader market maintained a depressed tone.

Also, daily liquidation numbers hang around $350 million, with leveraged long positions accounting for a huge chunk of this liquidation. Reports show that the largest single BTC liquidation was a perpetual position on OKEx worth $4.38 million.

Key Bitcoin Levels to Watch — April 7

Bitcoin has veered way off-course from my previous price projection as the benchmark cryptocurrency extended its correction from the $45,000 level to the $43,000 base, printing a new monthly low at $42,750.

Studio Project 31
BTCUSD – 4-Hour Chart on Gemini. Source: TradingView.

The market has now recorded a bearish slowdown at $43,000 as bulls fight for a rebound. That said, the key level for bulls to reclaim to quell bearish tensions is the $45,000 zone. Until then, BTC remains under the risk of a bearish extension to $42,000. Nonetheless, trading conditions are now in oversold territories suggesting that a bullish easing is around the corner.

Meanwhile, my resistance levels are at $44,000, $45,000, and $46,000, and my key support levels are at $43,000, $42,000, and $41,000.

Total Market Capitalization: $2.01 trillion

Bitcoin Market Capitalization: $829.1 billion

Bitcoin Dominance: 41.2%

Market Rank: #1

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.