It appears that the bulls are working harder to hold up to the $37,000 mark that Bitcoin reached during its latest advance last week. As of the time of writing, the price of bitcoin is under selling pressure and is now trading at $36,950.
Whales of Bitcoin Are Selling
On-chain data indicates that for the past week, Bitcoin whales have been methodically chasing out. Popular cryptocurrency researcher Ali Martinez claimed, citing data from Santiment, that Bitcoin whales have been profiting from gains by redistributing or selling about 60,000 BTC, which is believed to be worth $2.22 billion, in the last week.
Furthermore, at the present price, the total open interest (OI) is lower than its prior benchmarks and below the levels seen when Bitcoin was priced at $25,000. Even if the price has increased significantly, the lower open interest suggests that there may not be any new money coming into the futures market, which could indicate that traders are being cautious or negative.
Some analysts are still holding out hope that Bitcoin would retrace below $20,000, $25,000, or perhaps even below $30,000. These forecasts stem from concerns about macroeconomic factors, regulatory changes, and the inherent volatility of cryptocurrency markets.
Where Will the Price of Bitcoin Go Next?
The price of BTC will pick up steam and may soon attempt to test the upper level at $38,082.91 if the bulls are able to overcome the resistance at $37,033.37.
Maintaining the price at this level may open the door for a market attempt to hit the $40,000 year-end target.
Conversely, if the bears take control and momentum wanes, the price can drop to test the $36,000 support level. A bearish trend that is still going strong might lead to a big decline in price and a challenge of the critical support level around $33,429.29. Well-known cryptocurrency analyst Rekt Capital offers insightful analysis on potential outcomes and proactive measures investors can consider.