Bitcoin still moving sideways on the lower timeframes has managed to hold above key support. At the time of writing, BTC trades at $49.807,17 with 16.8% and 2.4% in the weekly and monthly charts, respectively. The market cap stands at 938 billion.
Trader Byzantine General has pointed to $47,000 as support, according to on-chain data. As seen in the chart below, Bitcoin whales have formed 4 major clusters of support with a large amount of BTC bought at $48,507; $47,646; $46,532, and $45,507.
Conversely, the price zone around $55,000 has become a major resistance and an area with a “ton of whale inflows”, as monitor Whalemap stated. The 200-day Exponential Moving Average (EMA) for Bitcoin in the daily chart will be its most important support.
