New information from Whale Map suggests that if Bitcoin is going to keep its current momentum, its price has to be at or above the $14,914 level. A whale cluster forms when the wealthiest investors purchase Bitcoin and hold onto them. This is an indication that the whales accumulated Bitcoin and will maintain its support, even if there is a market correction.
In the short-term future, it is necessary for Bitcoin's value to stay above $14,914 for an extended frame of time. It would consolidate resistance at $16,000. This would provide stability at the next support level. Over the past week, Bitcoin has had unusual value movements and has been volatile over a broad range.
Between November 6 and 9, Bitcoin tested $16,000 twice. It fell to as low as $14,350. The short-term volatility is related to some large events, including the ongoing counting of votes in the 2020 presidential election in the USA. The Bitcoin market has had a lot of risks this month. The election, Pfizer's vaccine breakthrough and the rise of COVID-19 cases are all playing roles.
Even with those uncertainties, Bitcoin stayed above $13,600. This is a level that Whale Map analysts pointed out as a good guide for a bull run. The short-term $13,600 to $14,914 range is an important one if Bitcoin is going to keep up with its rally. It's also worth noting that the miners have been selling their coins.
Resilience is prevalent despite the selling of coins by miners. The uncertain market is causing volatility but allowing investors to take some profits. Some analysts think that Bitcoin is in a "greed" zone of the bull market. There is still a lot of room for Bitcoin's value to move upward. Some other metrics suggest that Bitcoin is just in the early stages of its bull run. One of those metrics is the HODLing activity. Questionable market clarity is feeding the unusual price movement and mixed metrics. So long as Bitcoin stays above $14,914, for the short-term future, analysts think that it will have a good chance of continuing its ongoing bull run.