It looks like the bearish correction in Bitcoin price that started earlier this month is over. Bitcoin whales, which initiated large-scale Bitcoin sell-offs to take profits, got what they wanted.
According to the CryptoQuant website, Bitcoin whales stopped the Bitcoin rally and prevented the price from approaching the mark of $70000. After the price of Bitcoin exceeded $60000, an increase in the supply of Bitcoins was recorded on the exchanges. CryptoQuant emphasized that 90% of the cryptocurrency, that was deposited into exchanges at the end of last month is the cryptocurrency of whales. Major cryptocurrency holders have started selling their Bitcoins to benefit from the October rally. This led to the start of a bearish correction, which sent the price of Bitcoin towards $60000.
Source: CryptoQuant
However, it’s worth noting that whales are also the drivers of Bitcoin’s October rally. First, they created the prerequisites for the price to reach a new all-time high and then sold part of their reserves in BTC to make money.
At the time of publication, Bitcoin’s price is back above $65000 and is well above the 100-hour moving average. Also, on the hourly chart, the BTC/USD pair broke up the downtrend line, which was formed as a result of the correction.
In the current situation, the BTC/USD pair will find immediate resistance around $66000. A break above this level will help the pair climb to the area of the previous high of $67000. A move above this level will send the price of Bitcoin towards $68500.
If the attempt to rise above $66000 is unsuccessful, we do not exclude a new correction. In this case, the BTC/USD pair may drop to the immediate support area of $64500. Further, the level of $63000 provides sufficient support.
