Bitcoin Stuck in Narrow Range, Whale Activity Declines
Over the past few days, Bitcoin (BTC) has been trading within a narrow range between US$83,000 and US$86,000.
This movement reflects market uncertainty, with technical indicators like the EMA and Ichimoku Cloud showing mixed signals.
Declining Whale Activity: An Early Signal of Sentiment Shift?
According to information sourced from Beincrypto, on-chain data shows that the number of whale wallets—addresses holding between 1,000 and 10,000 BTC—dropped from 2,015 on April 14 to 2,010 on April 16.
Although this decline may seem minor, changes in whale behavior are often early indicators of broader market trend shifts.
Technical Analysis: Challenges Ahead
Technically, Bitcoin is facing resistance around US$86,092. If this level is broken, BTC may test the next resistance levels at US$88,804 and US$92,817.
However, if the support level at US$83,583 fails to hold, the risk of further downside becomes a key concern.
Conclusion: Watch for Shifts in Market Sentiment
Bitcoin’s price action stuck within a narrow range, combined with declining whale activity, signals the need for caution regarding potential sentiment changes in the market.
Investors are advised to closely monitor technical indicators and on-chain data to anticipate the next price movement.
