As Bitcoin price sees sub-$30K, do bears control the BTC market now?
In the past 48 hours, has tested the $30,500 support level on two occasions. Historically, when a major support area is tested repeatedly, it often breaks. On the third retest on Jan. 27, Bitcoin broke below $30,000. However, $30,000 is a highly important support level for BTC, and hence, whales might try to buy the level to prevent a further breakdown after reclaiming it.
Whale clusters suggest three key levels in the near term: $34,970, $29,314 and $28,727. Currently, Bitcoin is battling the $30,000 support level. Whale clusters form when whales or high-net-worth investors buy Bitcoin and do not move it. The theory behind whale clusters is that if BTC pulls back, whales are much more likely to buy more at the price they bought at previously.
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