According to Bitcoin (BTC) whale cluster data, the short-term support that must be defended is seen at $ 44,214.
As reported by Cointelegraph, Bitcoin entered the sales process in the last 24 hours after reaching an all-time high of around $ 48,000, and the price dropped by almost 8 percent. There was a decline to $ 43,750 on the Binance stock exchange.
Why is this level important for BTC?
Clusters form when whales or heavily invested buyers buy Bitcoin at a certain price level and don’t move it.
These levels often act as support or resistance levels because whales are more likely to buy more BTC at the level they are holding or selling at breakeven.
Whalemap analysts pointed out that losing the $ 44,214 support level would result in a decline to $ 39,843 in the short term.
However, if this level is kept, this will be a new area of support after the rally that started with Tesla’s purchase of $ 1.5 billion worth of BTC. Analysts he said:
“If $ 44,214 is lost, the likelihood that the BTC price will drop to $ 39,843 increases because there is not much support in between. It should offer support at $ 44,214 for now. Also, there is great demand at $ 38,000. So BTC should not fall below that.”
There are several arguments supporting the short-term uptrend in the bitcoin price. The first is the number of active Bitcoin addresses and the high stock market supply of stablecoins, according to Santiment researchers.
The combination of these two metrics is an overall healthy uptrend for Bitcoin backed by strong fundamentals. is showing:
“The supply of both active Bitcoin addresses and stablecoins like USDT is still high on the stock market. This encourages the BTC price to recover after the slight reversal it is today.”
In addition, the number of wallet addresses with Bitcoin in it is also at record levels. So new buyers are saving BTC.
In the foreseeable future, the overall rally is expected to continue, given that the $ 44,214 whale cluster level has not broken, based on Bitcoin’s market structure.