Bitcoin (BTC) whale clusters show that the $23,409 level has go an area of focus for large traders. This indicates that the ongoing bull run is buoyed by whales continuing to accrue above $23,000.

Whale clusters form when whales purchase Bitcoin and do non motion their BTC holdings from the price of purchase. Clusters are useful in determining Bitcoin's support levels, peculiarly when the market moves quickly.

Bitcoin whale clusters. Source: Whalemap.io

"Should non exist going lower than $23,409"

According to analysts at Whalemap, a information analytics house that tracks Bitcoin whale action, BTC has formed a stiff flooring in the $23,000 to $23,500 range. They said:

"Surprisingly large amounts of losses were flowing on-chain at 19k prices. When this happens in bullish conditions BTC gives us prissy rallies (10k-->20k final time). We have multiple stiff supports at recent prices besides... Should non exist going lower than $23,409."

It is important for Bitcoin to plant solid support areas during a bull run due to the take a chance of sudden corrections. If whale clusters are present at loftier toll levels, like $23,409, then whales are likely to bid slightly higher and sustain Bitcoin's momentum.

Peter Brandt, a long-time trader, pinpointed the parabolic line of Bitcoin dating back to October as a primal area to watch.

Daily BTC/USD cost nautical chart with trendlines. Source: TradingView.com, Peter Brandt

The line indicates $24,000 as the critical support area, which would hateful BTC needs to stay above it to prevent a large drop. Brandt wrote:

"Bitcoin $BTC is advancing in parabolic move from Sep '20 low. I await this curve to exist violated at some point, but not to produce 80% decline. Greenish curve is a larger parabolic advance from Dec 2018 & Mar 2020 lows. This is the driver of balderdash market."

In the near term, the whale clusters and the parabolic trendline testify that $23,409 and $24,000 are the two cardinal levels Bitcoin must hold.

Beneath $24,000, the chances of an accelerated correction increase, which could worsen if whale cluster back up areas are breached.

Where would BTC top out at?

Traders generally believe Bitcoin could rise to two levels: $30,000 and $36,000. The latter has become a popular near-term prediction considering the options market indicates a high probability of $36,000 being hit in the upcoming months. Of grade, the one-time is a key psychological level.

A pseudonymous trader known as "Byzantine Full general" said that he foresees Bitcoin topping out at $30,000. He explained that $xxx,000 is the "gilded ratio extension" level and likewise has sell orders on Coinbase and Bitfinex. He said:

"I think this rally tops out mid-term around 30k. Information technology's the golden ratio extension. Also happens to be where CB & Finex got fat asks laying effectually."

On Dec. 27, Cointelegraph reported that Bitcoin immediately saw big volatility, ultimately shedding vi.5% within a span of a few hours subsequently the price topped out at $28,200 across major exchanges. Given that resistance areas with heavy sell order scan be met with large pullbacks, the $xxx,000 area could present a major brusque-term roadblock to Bitcoin.