Bitcoin (BTC) rose nearly 5% in 24 hours as Wall Street opened on March 25, but a new warning signal left traders cold feet.
BTC/USD 1-hour candlestick chart (bit stamp). Source: TradingView
Bitfinex Whale Spins To Sell Mode
Data from Cointelegraph Markets Pro and TradingView confirmed that BTC/USD hit a multiweek high of $45,137 on Friday as Wall Street took off.
However, when $45,000 appeared for the first time since the beginning of the month, so did the all-too-familiar behavior of some of Bitcoin’s biggest investors.
Attention for the day turned to the exchange of Bitfinex, a platform known for high-volume traders, or whales, that accompany short-term price action with their trades.
As noted by popular trader Pentoshi, the entity that bought BTC at its latest low near $34,000 had now placed a significant ask position starting at $45,000.
The finex whale that made the bottom (same signature) just showed up with a lot of questions, presumably to close those 34k longs. Something to watch for the next few days $BTC pic.twitter.com/gDR8qvBVEl
— Pentoshi (@Pentosh1) March 25, 2022
Blockware lead insights analyst William Clemente agreedand told Twitter users that it was now “popcorn time” for the market.
For Cointelegraph contributor Michaël van de Poppe, meanwhile, “a dozen” marked potential lower price targets if BTC/USD were to gain liquidity from March at previous rejection points, which are also just above $45,000.
“I’m not saying I’m bearish at this stage, but as we make this build, I’m not really interested in longs right now,” he said in his latest YouTube update.
Only a $50,000 renewed challenge, he added, would be the impetus for considering long positions.
“No longs” on Ethereum, says trade
Van de Poppe added that altcoins were also on the radar and that it would be interesting to see how Ether (ETH) in particular deals with emerging resistance.
Related: What Are The BTC Price Levels To Watch As Bitcoin Nears The March Peak?
The top ten cryptocurrencies by market cap showed clear copycat strength on daily timeframes, led by ETH/USD matching Bitcoin’s 5% gain.
Not a long area for me. pic.twitter.com/NalEyg6Jiu
— Michaël van de Poppe (@CryptoMichNL) March 25, 2022
Cardano (ADA), although he fell several percentage points on the day, was still 35% higher than the same time last week, making him the top ten performer.
ADA/USD 1 Day Candlestick Chart (Coinbase). Source: TradingView