Since topping out at $19,484, Bitcoin price has struggled to repossess the $17,000–$18,000 level. Equally the price continues to decline, traders are targeting key underlying support levels to determine where traders will buy if Bitcoin (BTC) toll continues to fall.

The immediate back up levels based on whale clusters are $xvi,694, $16,411 and $16,064. Below the $xvi,000 support, $15,355, $14,914 and $13,740 could serve equally macro support areas.

Whale clusters grade when whales accumulate BTC and do not move their recently acquired funds. The clusters also indicate where whales concluding bought, signifying potential support areas.

Bitcoin whale clusters. Source: Whalemap

$16,411 is the curt-term level to sentry for Bitcoin

The price of Bitcoin has been showing weakening momentum in the by 24 hours. Post-obit such a major correction, some consolidation is to exist expected equally the cost searches for stability.

I positive trend is that buyers accept been aggressively defending the $16,411 support area, which is marked by whale clusters. This shows that at that place is sufficient buyer demand in the market to prevent a broader pullback, at least in the curt term.

On Nov. 27, Bitcoin tested the $16,200 to $xvi,400 support range twice in a span of 22 hours. Both retests were met with a decent response from buyers, as BTC surged above $16,800 in both cases.

For near of the 24-hour interval, Bitcoin remained to a higher place $17,000 and peaked at $17,400, showing signs that BTC is regaining its momentum.

Still, some traders are not ruling out the possibility of BTC dropping to the lower macro support areas. A pseudonymous trader known as "Wolf" said the weekly chart is showing signs of overextension. Equally such, he said that the $13,000 region could get tested. The trader explained:

"Differently from $ETH, $BTC looks mode over extended from the weekly 21EMA, however far from interesting support. My ideal entry would be the outlined major back up @ 13k's. Currently we might hold the 16213 weekly back up, then head lower for an ABC correction."

Another pseudonymous trader known every bit "Crypto Capo" suggested a similar trend. He said that he sees a scenario playing out where BTC rises to $18,000 then falls to the $13,000 region.

Traders expect Bitcoin'due south consolidation to final for weeks

Although there are bearish brusk-term predictions from long-time Bitcoin investors, some technical analysts say that consolidation could last a while.

Michael van de Poppe, a total-time trader at the Amsterdam Stock Exchange, said the market faced a healthy pullback. Following the correction, Poppe said that consolidation could last for several weeks. He said:

"Relax and zoom out, market is making a healthy correction and giving everyone a great opportunity to invest. Don't exist impatient, the market volition brand a natural bottom to confirm it's in. Information technology only takes weeks."

In the short term, the immediate expanse of interest for buyers remains the three whale cluster levels at $sixteen,694, $sixteen,411 and $16,064. If BTC falls below these levels convincingly, the probability of a deeper correction could significantly spike.

Post-obit the sharp drop in the price of Bitcoin, whale clusters prove several areas as key support levels. These levels could allow BTC to stabilize and regain its momentum in the short term.