Bitcoin Whales Absorb Panic Selling Near $60K

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 2 hours ago

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Whale Absorption of Selling: On-chain data from CryptoQuant indicates that Bitcoin whales absorbed panic selling as the price briefly tested the $60,000 support level, with the whale ratio surging to 61.6%, effectively preventing a deeper price decline.
Market Support Signal: A high whale ratio typically suggests that large holders are moving funds to exchanges, but in this case, the elevated ratio coincided with a price bottom, indicating that whales were actively buying rather than selling their holdings.
Psychological Support Level: Bitcoin's volatility near the $60,000 mark has attracted significant attention from traders and analysts, as this level represents a psychological threshold that historically leads to either strong rebounds or deeper corrections.
Investor Signal: For retail investors, whale activity near $60,000 signals market depth and potential price stability, as the absorption of selling pressure by large holders can reduce the likelihood of sharp breakdowns and create a more resilient support level.

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Technical Analysis for BTC

Technical Sentiment Analysis for Bitcoin (BTC). As of , Bitcoin (BTC) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 6 technical signals, shows that 3 indicators are flashing buy, while 3 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Bitcoin (BTC) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	45276.027	52203.468	57554.017	64481.458	69832.007	76759.448	82109.997
Fibonacci	52203.468	56893.661	59791.266	64481.458	69171.651	72069.256	76759.448

About BTC

Bitcoin is a decentralized cryptocurrency originally described in a 2008 whitepaper by a person, or group of people, using the alias Satoshi Nakamoto. It was launched soon after, in January 2009.Bitcoin is a peer-to-peer online currency, meaning that all transactions happen directly between equal, independent network participants, without the need for any intermediary to permit or facilitate them. Bitcoin was created, according to Nakamoto’s own words, to allow “online payments to be sent directly from one party to another without going through a financial institution.”Some concepts for a similar type of a decentralized electronic currency precede BTC, but Bitcoin holds the distinction of being the first-ever cryptocurrency to come into actual use.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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