In a universe not so far away, many Bitcoin (BTC) traders donned their most optimistic hats this week as prices soared into the dizzying heights of $88,000. However, the moment they thought they could conquer this level, the universe chuckled and whispered, “Not so fast, my dear traders!” A failure to breach this lofty summit could very well signal a take-profit party, and who doesn’t love a good party? 🎉
Enter Alphractal, the crypto analytics platform that sounds like a character from a sci-fi novel, which has observed that Bitcoin whales—those enormous, blubbery creatures of the crypto sea—have decided to take a dip into short positions at the $88,000 level. 🐋
In a recent post on X (formerly known as Twitter, because why not?), Alphractal pointed out that the “Whale Position Sentiment” metric has taken a sharp turn, like a spaceship avoiding an asteroid. This indicates that the major players, with their bearish biases, have decided to join the party. The metric, which sounds like a fancy cocktail, defines the relationship between aggregated open interest and trades larger than $1 million across multiple exchanges. 🍹
As illustrated in the chart (which is definitely not a map to the nearest black hole), the two circled regions are synonymous with Bitcoin’s price plummeting to the $88,000 level. Alphractal wisely noted,
“When the Whale Position Sentiment starts to decline, even if the price temporarily rises, it is a strong signal that whales are entering short positions, which may lead to a price drop.”
Alphractal’s CEO, Joao Wedson, confirmed that these whales have closed their long positions, and historically, prices have danced to the tune of their directional bias. 🎶
In a similar twist of fate, 8 out of 10 on-chain signals on CryptoQuant have turned bearish. It’s like a cosmic warning sign flashing red, indicating that a possible pullback in Bitcoin’s price is on the horizon. Last week, Ki Young Ju, the CEO of CryptoQuant, ominously noted that the markets were entering a bear market, suggesting investors should brace themselves for “6-12 months of bearish or sideways price action.” Buckle up, folks! 🚀
Bitcoin Outflows Reach $424M in 7 Days
While on-chain metrics turned red, some brave investors displayed confidence in Bitcoin. Data from IntoTheBlock revealed net BTC outflows of $220 million from exchanges over the past 24 hours. The grand total reached a staggering $424 million between March 18 to March 24. This trend implies that certain holders are accumulating, perhaps in preparation for an intergalactic adventure. 🌌
On the lower time frame (LTF) chart, Bitcoin formed an intraday high at $88,752 on March 24, but since then, it has yet to establish a new high. It’s like waiting for a bus that never arrives. 🚌
With Bitcoin navigating the trendlines of an ascending channel pattern, it’s expected that the price will face resistance from the upper range of the pattern and the 50-day and 100-day exponential moving averages on the daily chart. In simpler terms, it’s like trying to climb a mountain while being pelted with rocks. 🏔️
With whales possibly shorting between $88,000 and $90,000, Bitcoin needs to close above $90,000 for a continued rally to the mythical land of $100,000. Will it make it? Only time will tell, and perhaps a few cosmic alignments! 🌠
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2025-03-25 23:43