Bitcoin’s (BTC) price opened on a weak note after registering a 15 percent uptick last week. Despite the heightened demand from crypto whale traders, the flagship coin has formed a possible reversal pattern in the lower time frame.
In the 2-hour time frame, Bitcoin price has formed a possible double top coupled with a bearish divergence on the Relative Strength Index (RSI). The Bitcoin reversal sentiments are also bolstered by the fact that more than 93 percent of Bitcoin’s supply is in profit, which has historically signaled market tops.
Nevertheless, on-chain data shows that Bitcoin whales have been on a buying spree in the past three weeks, whereby the whales acquired 140,000 BTCs worth around $6.16 billion.
Bitcoin Price Short-Term Targets
According to a popular crypto analyst, Michaël van de Poppe, Bitcoin price is approaching the psychological resistance level of around $50,000 after an impressive performance in the past few weeks.
As a result, Poppe highlighted that the next two weeks will decide if Bitcoin price falls back towards the support range between $32,627 and $38,126 or continues in a bullish outlook toward the next significant resistance level around $57,000.
As Bitcoin price rallied above $48k in the past few days, the flagship coin is trading to continue in a bullish outlook in the near term. Meanwhile, the altcoin confidence has dropped gradually as Bitcoin’s dominance continues to rise beyond 54 percent.
Furthermore, the ETH/BTC pair has threatened to drop further, which could delay the much-anticipated altcoin season.