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Bitcoin Price Analysis: Technical Analysis and On-Chain Data Point to Potential Downside Moves

WHALES are BUYING but is it time to BUY Bitcoin?
WHALES are BUYING but is it time to BUY Bitcoin?

In a recent video, Nick from Cheeky Crypto discussed the recent price action of Bitcoin and provided his insights on its potential future movements. He discussed technical analysis, key support and resistance levels, as well as on-chain data related to Bitcoin wallets of different sizes.

Technical Analysis

Nick analyzed Bitcoin’s performance on various timeframes, from one hour to weekly. He emphasized potential downside moves based on technical analysis, focusing on key support and resistance levels. He mentioned a potential diagonal structure leading to a move towards the 23,000-24,000 range.

On-Chain Data

On-chain data analysis indicates fluctuations in the number of wallets holding different Bitcoin quantities. Whales (wallets with 1,000+ BTC) show slight increases recently, with potential implications for price movements. There’s also a discussion on wallets with 10,000 BTC or more, indicating possible accumulation patterns.

Implications for Retail Investors

Nick expressed concern about retail investors’ emotional reactions to price fluctuations. He focused on the retail layer of wallets holding Bitcoin, noting that retail investors hold a significant amount of BTC supply. He warned that a 30% reduction in retail wallets could affect the Bitcoin price.

Overall Outlook

Overall, Nick’s analysis suggests that Bitcoin is likely to move lower in the near term. However, he also noted that the on-chain data shows some positive signs, such as the increase in whale wallets. Ultimately, he said that it is important to stay patient and wait for clearer signals before making any trading decisions.


This article is for informational purposes only and should not be construed as financial advice. The author is not a financial advisor and does not have any formal training in financial analysis. The information presented in this article is based on the author’s own research and analysis, and should not be relied upon as investment advice.

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