Whale clusters show Bitcoin needs to defend $44,214 to see a continuation of the rally.
Bitcoin (BTC) whale cluster data shows that $44,214 is the key near term level that the dominant cryptocurrency needs to defend.
As Cointelegraph reported, in the last 24 hours, Bitcoin saw a sell-off after reaching a new all-time high at around $48,000, with the price shedding almost 8% and dropping to as low as $43,750 on Binance.
Why is this level important for more BTC upside?
Whale clusters form when whales or high-net-worth investors purchase Bitcoin at a certain price level and do not move them.
These levels often act as support or resistance levels because whales are more likely to buy more BTC at the level they are holding from or sell at breakeven.
Bitcoin whale inflows.