Can Bitcoin Whales Prevent Price Capitulation Below Crucial Support Level at $59k?

The post Can Bitcoin Whales Prevent Price Capitulation Below Crucial Support Level at $59k? appeared first on Coinpedia Fintech News

The total cryptocurrency market cap fell 3.4 percent to about 3.4 percent as traders continued to take shelter in the stablecoins sector to avoid forced liquidation ahead of the fourth Bitcoin halving. Bitcoin’s (BTC) price has been forming a bearish flag on the lower time frame, thus signaling further capitulation ahead.

Furthermore, JPMorgan analysts think Bitcoin price will likely weaken after the halving event following an indication of overbought conditions on open interest in BTC futures.

Bitcoin Whales Holds Steady

Bitcoin whales have accumulated more coins ahead of the weekend’s halving. With the difficulty of Bitcoin acquisition expected to increase over time, long-term holders are not letting go of their holdings.

According to on-chain data from CryptoQuant, over 27,700 BTCs worth around $1.72 billion, have flown into accumulation addresses in the past few days.

Analysts Take on Midterm Bitcoin Price Action

After reaching a new all-time high (ATH) of around $74k in March, Bitcoin price is almost obliterating all the gains made last month. According to market data provided by TradingView, BTC price has so far dropped 24 percent since the beginning of April to trade around $61,376 on Thursday during the mid-London session.

According to a popular crypto analyst in Australia, Jason Pizzino, Bitcoin’s price must hold onto the support level of around $59k to avoid a bloodbath of $56.2k. Furthermore, the crypto bears could be rejuvenated, pushing the flagship coin towards the support range between $50k and $53k.