Blockchain analytics platform Whalemap is mapping out the key levels to watch for in Bitcoin (BTC) this month.
In a new tweet, the on-chain insights platform highlights that Bitcoin’s correction, which drove the leading crypto asset from an all-time high of $61,683 to around $51,000, has officially ended after price respected the support of $57,000, indicating a possible trend reversal.
“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.”
Whale clusters show when high net-worth investors buy or sell Bitcoin at a certain price. The levels are often seen as areas of support or resistance.
Whalemap adds that