BTC Price Dumps $70K ‘Euphoria’ as Bitcoin Whales Hold Firm on Selling

Bitcoin (BTC) faced the possibility of reaching new local lows on April 16 as major investors hesitated to sell. During the Asia trading session, BTC/USD experienced two drops below $62,000, reflecting a nervous atmosphere in risk-asset markets. This sentiment was evident in United States stocks, which were shaky at the Wall Street opening, and Bitcoin failed to maintain its rebound. Popular trader Skew emphasized the importance of remaining above $62K for any chance of a significant bounce. Perpetual swaps markets exhibited clear pessimism and consistent de-risking, creating a risk-off mood across exchanges. While there was a possibility of bulls reacting during European trading hours, sideways movement dominated at the time of writing. Earlier reports indicated potential downside targets for BTC, extending to $59,000 on April 16 and even below $40,000 in the long term. Monitoring platform Whalemap identified $52,000 and $48,000 as key levels by observing whale liquidity. The largest sell-side liquidity was detected just above $64,000. Despite falling markets, whales showed little interest in selling. Research firm Santiment revealed that the largest BTC wallet cohorts continued to accumulate since March, indicating their confidence in the cryptocurrency despite recent volatility. Wallets holding between 100 BTC and 1,000 BTC accumulated nearly 44,000 coins since March 1, while larger wallet classes added more than double that amount. It is important for readers to conduct their own research and exercise caution when making investment and trading decisions.