Bitcoin whale cluster at $10,570 is the most important level right now

  Bitcoin whale clusters show major resistance levels are at $10,570 and $11,288, raising the chances of a major sell-off.

According to Whalemap, an on-chain analysis firm that focuses on Bitcoin (BTC) whale activity, short-term clusters are present at $10,570.

Whale clusters form when whales accumulate Bitcoin and do not move the BTC. Areas that have large amounts of unspent BTC become an area of interest, typically a resistance level. Analysts at Whalemap explain:


“Bubbles show locations where unspent bitcoins were accumulated. The larger the bubble, the more unspent bitcoins are located there. P.s. 

Unspent means these bitcoins have not been moved since they were ‘inflowed’ to a whale wallet.”

Whales, or individuals holding large amounts of BTC, like to sell either at breakeven or at profit, depending on the market trend.

 If whales deem the current trend to be bearish, the $10,570 level could serve as an area where whales breakeven.


The two biggest whale clusters line up with technicals 

The two biggest whale clusters in the short term are found at $10,570 and $11,800. Unsurprisingly, the two levels are also key resistance areas for BTC in the immediate term.

Based on the recovery of Bitcoin above $10,000, some traders foresee BTC retesting the $11,000-$11,300 resistance range.

According to the cryptocurrency trader Edward Morra, Coinbase’s order book has consistently shown decent buying demand at the $10,000 area. He said on Sept. 11:

Read the full topic at

https://cointelegraph.com/news/bitcoin-whale-cluster-at-10-570-is-the-most-important-level-right-now

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