WhaleMap, a firm that analyzes BTC's activity, has said that the current price at $10,570 has shown short term clusters.
Whale clusters are situations where whales purchase BTC in large volumes but do not sell or trade. This usually results in a price level that grows resistance and affects trades.
Traders who owns large quantities of Bitcoin prefer to sell at a break-even price or profit, which depends on the trade trend. If the investors consider the run to be unpromising, the $10,570 price mark could be a break-even point.
The two largest short-term whale clusters are seen at $11,800 and $10,570. Commonly, these price marks are significant resistant levels for Bitcoin in the short-term.
After Bitcoins recovery above the 10k mark, some investors anticipate the formation of resistance between $11,000 to $11,3000.
The $10,000 price mark's stability could permit Bitcoin to test $10,570 again and possibly exceed it. Presently, many investors are hopeful.
Source: Cointelegraph
