CandleFocus Analytics Firm Reveals Critical Level Bitcoin Needs to Hold For Bullish Sentiment to Continue
2024-09-26
Author: Content Editor
Cryptocurrency analytics firm Alphractal has reported that large-scale investors, known as whales, are resuming shorting Bitcoin (BTC) as its price approaches $65,000. This marks a significant moment in market dynamics as whales continue to influence price action. Alphractal's Whale Position Sentiment indicator, which tracks leveraged whale positions, shows a decrease in the metric, indicating an increase in short positions. If Bitcoin drops below its Short-Term Conservative Realized Price of $62,200, it could signal renewed bearish momentum. Recent data also points to a liquidation of short positions as BTC surpasses $65,000, with a significant liquidation pool still present at $57,000.
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