According to Whalemap, an on-chain analysis firm that focuses on Bitcoin (BTC) whale activity, short-term clusters are present at $10,570.
Whale clusters are shown at $10,570 and $11,288 for Bitcoin. Source: Whalemap
Whale clusters form when whales accumulate Bitcoin and do not move the BTC. Areas that have large amounts of unspent BTC become an area of interest, typically a resistance level. Analysts at Whalemap explain:
“Bubbles show locations where unspent bitcoins were accumulated. The larger the bubble, the more unspent bitcoins are located there. P.s. Unspent means these bitcoins have not been moved since they were ‘inflowed’ to a whale wallet.”
Whales, or individuals holding large amounts of BTC, like to sell either at breakeven or at profit, depending on the market trend. If whales deem the current trend to be bearish, the $10,570 level could serve as an area where whales breakeven.
The two biggest whale clusters line up with technicals
The two biggest