Beware the Bitfinex whale: New $45K BTC sell wall appears amid worries Bitcoin could retrace
Bitcoin (BTC) was up nearly 5% in 24 hours at the Wall Street open on March 25, but a new warning sign was giving traders cold feet.
Data from Cointelegraph Markets Pro and TradingView confirmed BTC/USD hitting multi-week highs of $45,137 Friday as Wall Street got underway.
As $45,000 reappeared for the first time since the start of the month, however, so did all-too-familiar behavior among some of Bitcoin's biggest investors.
Attention turned to exchange Bitfinex on the day, a platform famous for large-volume traders, or whales, guiding short-term price action with their trades.
As noted by popular trader Pentoshi, the entity which had purchased BTC at the last low near $34,000 had now put in a significant ask position beginning at $45,000.
The finex whale who made the bottom (same signature) just showed up with a lot of asks presumably to close out those 34k longs. Something to watch in the coming days $BTC pic.twitter.com/gDR8qvBVEl
Blockware lead insights analyst William Clemente agreed, telling Twitter users that it was now "popcorn time" for the market.
For Cointelegraph contributor Michaël van de Poppe meanwhile flagged "a dozen" possible lower price targets should BTC/USD sweep liquidity at previous rejection points from March, these also lying just above $45,000.
"I'm not saying I'm bearish at this stage, but while we're making this build-up, I'm not really interested into longs at this point," he said in his latest YouTube update.
Only a rechallenge of $50,000, he added, would form the impetus to consider long positions.
Van de Poppe added that altcoins were also on the radar and that it would be interesting to see how Ether (ETH) in particular deals with upcoming resistance.
Related: What are the BTC price levels to
Read more on cointelegraph.com
