BTC made an intraday push above the critical $50k level yesterday, reaching a high of $50.3k, but struggled to hold onto gains before dropping back below $50k.
$50k is a technical and psychological level of resistance with a moderate amount of BTC moved on-chain, meaning it will take multiple attempts for the bulls to successfully make a close above it. Near term, as long as Bitcoin remains above the lows at $46.3k, continues to make higher lows, and tests $50k, we can expect resistance at this level to weaken, increasing the probability of a breakout.
Chart by TradingView
Third-Largest Whale Moves 1,500 BTC to Exchanges
Earlier today, the third-largest Bitcoin whale address transferred another 1,500 BTC to Coinbase, sparking near-term worry of a potential local top at $50k. The whale entity still holds 92.2% of its total BTC position, suggesting this move could be to break even on BTC purchased at current prices, realizing small gains, or rotating into altcoins.
Despite the whale enti
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