Bitcoin must defend these price levels to avoid 'much deeper' fall: Analysis

cointelegraph.com:

Bitcoin (BTC) may be attempting to flip $30,000 to support on May 19, but for one group of analysts, attention is focused firmly on a fresh drop.

In a tweet on the day, on-chain monitoring resource Whalemap defined the support levels Bitcoin bulls must defend in order to avoid fresh significant losses.

Bitcoin's current "no man's land" price behavior has commentators split on whether the next decisive move will be up or down.

While some are calling for $32,000 or more next, many argue that last week's trip to $23,800 was not the lowest that BTC/USD will manage going forward.

For Whalemap, which analyzes the buying and selling of Bitcoin's biggest investors, the zone to watch is around $24,000 to $26,000.

This is where larger groups of whales deployed funds, and their presence thus provides considerable on-chain support.

Should sell pressure unravel the zone, the results could be a "much deeper" retracement, Whalemap analysts warn, describing the whale support levels as "do or die."

Lets keep it simpleDo or die supports for #Bitcoin right now are:$26,439$25,666$24,718$24,673This or we going much deeper pic.twitter.com/h6PEHL2HDz

In a separate post, however, Whalemap noted that with realized losses now dwarfing gains, Bitcoin could yet be in for a price turnaround.

"2 times more losses than profits were transacted on-chain in the last couple of days," it commented on May 18. 

Previously, Cointelegraph reported on mounting overall Bitcoin realized losses, these reaching their second-highest daily levels ever last week.

At the time of writing, BTC/USD traded at around $29,400 amid an attempt to crack 24-hour highs.

Related: Price analysis 5/18: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

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