The Bitcoin price is consolidating and facing resistance near $47,000. Similarly, most major altcoins are struggling to gain pace.
Bitcoin Price Action
In the past 24 hours, the flagship currency traded in the range of $45,835.96 – $47,406.55 indicating a considerable amount of volatility. Meanwhile, the total trading volume has increased by 7.23%, totaling $35.16 billion. The market cap now stands at $884.3 billion, resulting in a dominance of 39.39%.
At present, a breakout above the $47,000 resistance zone and the trend line could start a strong recovery. The next major resistance is near the $48,000 level.
On the other hand, If bitcoin Price fails to recover above $46,500, it could continue to move down. Immediate support is near the $46,000 zone. The first major support is nearly $45,500. Thus, BTC remains at a risk of a sharp decline if it fails to stay above the $45,500 support zone.
Whales Filling Up the Bags
The third-largest bitcoin whale looks to have returned from the holidays and has just made the first significant purchase of 2022.
According to Bitinfocharts, the third-largest bitcoin address added 456 BTC on January 4th at an average price of $46,363. The purchase is estimated to be valued at around $21 million. This is the entity’s first significant purchase, as it also purchased 6 BTC 55 minutes into the new year.
On-chain data suggests that the Bitcoin exchange whale ratio has begun to rise, implying that a crypto dump is on the way.
What’s Next For Bitcoin Price ?
According to analyst @mark_cullen, Large wallet investors are causing Bitcoin’s price to fall. On the FTX exchange, nearly 3,600 Bitcoins were sold. Mark believes that huge wallet investors are attempting to drive down the price of Bitcoin. The wall of 3,600 Bitcoins on the FTX market indicates that Bitcoin’s price will likely stay at $45,000 for longer than expected.