Bitcoin is currently experiencing significant selling pressure, particularly on Binance, where major futures players appear to be pushing the price lower. With whales actively influencing the market, the price action reflects a clear bearish sentiment. This situation raises the possibility of Bitcoin moving toward critical support levels soon.
The recent price rejection at $65,000 highlights the bearish momentum as Bitcoin attempted to break above this level but faced heavy resistance. Those walls in the sell walls on the order books, especially Binance, have formed strong resistance in the $65000 to $66000 bracket. These sell walls, often set up by whales looking to profit from the downward trend, are likely contributing to the decline.
Source: BTC/USDT Chart by TradingView
Also Read: BlackRock commends Bitcoin as the global monetary option in the rising Fiat anxiety
Key Support Levels in Focus Amid Price Decline
Technically, Bitcoin appears to be moving back toward the lower bounds of a symmetrical triangle formation. The following recognizable price levels are $61,500 and $59,800. It has bounced from the $61,500 previous local low and the 200 EMA indicator, which may provide short-term support. However, if the selling pressure is upheld, it could revisit the $59,800 support level, critical in the ongoing Bitcoin bearish momentum or rebound.
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The current market conveys the statuses that suggest that there are whales that can drive the price. With a lack of buyer momentum, their actions raise the possibility of further declines. The critical level is $59,800; Bitcoin may continue to decrease if it breaks.
Conclusion
Bitcoin’s price faces strong resistance and selling pressure, with whales playing a major role in lowering it. As the market trends downward, traders and investors closely watch key support levels at $61,500 and $59,800. These levels will likely determine the next phase of Bitcoin’s price movement, with the potential for further declines if the bearish sentiment persists.
Also Read: Bitcoin Outpaces Traditional Assets, Reclaims $66,000 Price Level
Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.