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
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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.
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
