Bitcoin (BTC) price is proving to be relatively stable at around the $16,000 level, heavily outperforming both safe-haven and risk-on assets, including gold and stocks. But in the near term, the digital asset faces a major roadblock in the form of whales.
On Nov. 12, the price of Bitcoin reached $16,199, a level not seen since the famed 2017 rally. Although BTC dropped to $15,600 within a few hours, it quickly recovered and at the time of writing it looks like the digital asset will attempt to overtake the intraday high.
The performance of Bitcoin, the S&P 500 and gold in the past week. Source: TradingView.com
Bitcoin has been shown resilience above $16,000, which has historically been a pivotal reversal point. Due to BTC surpassing this crucial area, the market sentiment around the top cryptocurrency has become overwhelmingly optimistic.
However, this could leave the cryptocurrency and wider market vulnerable to a sell-off from whales. High-net-worth individual investors who hold large