Bitcoin price struggles to hold onto $ 54K

Bitcoin fell below $ 54,000 again on April 20. Whale clusters data show that the levels that BTC should rebound in the short term are $ 55,172 and $ 56,274.

The crypto money market started to lose value again after the short rally on Monday. Bitcoin fell from $ 57,400 to $ 54,000, losing whale support at $ 55,172.

Bitcoin whale clusters. Source: Whalemap

It is critical for Bitcoin to rise above $ 55,172 in the short term and turn it back into support. Otherwise, it can test the macro support level at $ 51 thousand.

Why are whale clusters important?

Whale clusters are formed when whales and high-income investors buy or sell large amounts of Bitcoins at a certain price.

As whales tend to buy at the level they bought earlier in order to maintain their positions, whale clusters are often indicative of strong support levels.

Data analysis platform Whalemap’s analysts have announced that there is a large whale volume at $ 58,000.

Analysts say that $ 58,000 is an important region in the short term, as well as $ 56,274 and $ 55,172. He said that he should be watched closely:

“There is an intense whale volume of around $ 58,000. This level will be tough for Bitcoin. For the uptrend to continue, $ 55,172 and $ 56,274 are the supports that should be held.

The inability of Bitcoin to reach $ 56,274 means that the whales will not increase their current positions, so the macro support at $ 51K can be tested.

Breaking $ 51,000 will disrupt Bitcoin’s higher bottom formation and endanger the entire bull market.

1-day price chart (Bitstamp) of the BTC / USD pair with key levels. Source: TraderXO

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