Since striking a new best high, Bitcoin (BTC) price has been unable to flip the $xix,400 level to support. This is likely due to the possibility that whales are selling aggressively in the $19,400 to $19,600 range to preclude the all-time high from existence breached. Above the record high, there is fiddling resistance until a new ceiling is accomplished.

Bitcoin whale inflows into exchanges. Source: CryptoQuant

Whales keep selling each time BTC nears the all-time loftier

Data from both CryptoQuant and Whalemap bear witness that the $19,500 level is an important area for whales.

Beginning, there are large whale clusters at effectually $19,500. This means that whales bought BTC here and did non movement their holdings, which might make information technology a take profit region.

Furthermore, whale inflows to exchanges have been increasing every bit the cost of Bitcoin surpassed $19,500. This shows that whales are strongly selling or shorting $nineteen,500 and beyond.

A pseudonymous trader known as "Byzantine General" also emphasized that in that location are heavy sell orders on Binance. He noted that the $19,500 level would be a hard resistance area for buyers to break.

What might happen in the short term?

In the nigh term, analysts are divided on the brusk-term outlook of BTC. Some say that a major correction could withal come, especially if  BTC continues to reject at the $xix,500 level.

Ki Young Ju, the CEO of CryptoQuant, said he expects BTC to either move sideways or down in the brusque term. He wrote:

"I'grand long-term bullish, only I think it'll go sideways for a few days or get corrected. I call back we can't break $20K in the short-run. I await it'll break 20k at the finish of this year. (I'one thousand not a PA trader tho) In conclusion, OG whales stopped HODLing and I'one thousand brusk-term bearish."

Ki pinpointed that Bitcoin whales stopped accumulating Bitcoin at the current cost. He explained that it is difficult to segregate institutional bids from spot bids. All the same, he said that the timing of the stalling of BTC's rally and the sell-off from whales lucifer. He added:

"This $20k boxing would be $BTC OG whales versus retail investors. And I'k on their side, short-term bearish. I know on-chain data can't tell the inflows of institutional spot bids. Simply it looks similar current BTC whales(OGs) stopped their movement that was adept for the bull rally."

Bitcoin (BTC) saw the biggest whale inflows since July, according to data from CryptoQuant. The data coincides with BTC'southward continuous rejection at $19,400.