Canada Adopts International Crypto Tax Reporting Standard
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While Bitcoin price is looking to break past the $60,000 USD mark after a week of trading within the range of resistance, whale clusters might be the thing to break the cryptocurrency to the next level.
According to the current trends, Bitcoin price is looking at a support level of just over $57,046 USD and just over $60,000 USD as its resistance barrier in the current market. If Bitcoin is able to hold the support and continue attempting to breach the resistance, there’s a possibility that we’re looking at a strong fresh rally of the token’s price.
While Bitcoin waits to break out in a direction, the whale clusters are showing signs that the market is bullish. According to the data collated by analysts at Whalemap, where the price of Bitcoin is currently, neatly aligns with the whale clusters at the moment. Concluding that “April should be fun“, the researchers predict the market to make a shift within the next few weeks.
$BTC is back. Bouncing perfectly from whale supports so far. This is a good sign: in bear trends, whale resistances work better than supports and vice versa for bull trends. Whale supports are back to business now which means the trend has shifted. April should be quite fun 👀 pic.twitter.com/TYyX8Jafw0
— whalemap (@whale_map) March 30, 2021
Since whale clusters, which form when whale investors trade their Bitcoin at a certain price point and then hold after that point, tend to serve as strong indications of support, Bitcoin whale support at this level spells bullish health for the cryptocurrency market. As Bitcoin’s volatility is low, the researchers also believe that this could mean that Bitcoin price might be headed for stormier conditions and this could be the calm before this. They noted:
“The support resistance battle is intense. Levels from last week are working pretty well. Bitcoin is being capped by the $60,045 level pretty spot on. Is this the calm before the storm?