Pelin Ay
Yazar/Analist/Trader
High-Frequency Trader
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The gold ounce price is holding at the support level of $4400. This support is weakening as it gets tested. There is also accumulated liquidity at $4100. This week, the price may want to absorb this liquidity. I believe we need this for a healthy rise. Do you think the price will see $4000 first or $4650? $XAU
The silver ounce continues its downward trend. 60$ a strong liquidity zone. I expect the price to bounce back from this area.
If it doesn't, the supports that will counter the price are:
▪️$55
▪️$50
▪️45$ (Since this support is the level where the rise started, I don't expect it to go lower)
Unless a major negative news comes, I don't believe it will remain below 60$ . $XAG
If it doesn't, the supports that will counter the price are:
▪️$55
▪️$50
▪️45$ (Since this support is the level where the rise started, I don't expect it to go lower)
Unless a major negative news comes, I don't believe it will remain below 60$ . $XAG
The TRX price formed strong resistance in the $0.32–$0.33 range after a long upward trend. Following this, a decline resulted in a rounded bottom. The $0.28–$0.29 range acted as strong support (0.618 Fibonacci retracement) in the lower region.
Currently, the price has risen again to the $0.30–$0.31 range. However, it has still not broken through the main resistance around $0.325. In short, the market appears to be attempting upward movements within a range but has yet to produce a breakout.
The most striking point in the chart is that the lows are forming higher lows while the highs remain the same. This can be described as a classic consolidation pattern.
There are several key dynamics that have recently stood out in the TRON (TRX) ecosystem.
These include the TRON network being one of the most heavily used networks for Tether (USDT) transfers. Low fees and fast transfers provide a constant flow of liquidity. This supports the price during declines, but it doesn't create strong upward movements on its own. Activity on TRON is focused on real-world usage. Therefore, its price is more stable compared to other altcoins.
TRON has revenue from transaction fees and a burning mechanism on its network. This is a long-term supply suppressor, which is a positive factor for the price.
In short, the ecosystem is strong and the price isn't crashing. However, the resistance isn't being broken because the market is generally low-volume. TRON currently behaves like an asset that is frequently used but cannot be HODLed due to market inconsistencies. $TRX
Currently, the price has risen again to the $0.30–$0.31 range. However, it has still not broken through the main resistance around $0.325. In short, the market appears to be attempting upward movements within a range but has yet to produce a breakout.
The most striking point in the chart is that the lows are forming higher lows while the highs remain the same. This can be described as a classic consolidation pattern.
There are several key dynamics that have recently stood out in the TRON (TRX) ecosystem.
These include the TRON network being one of the most heavily used networks for Tether (USDT) transfers. Low fees and fast transfers provide a constant flow of liquidity. This supports the price during declines, but it doesn't create strong upward movements on its own. Activity on TRON is focused on real-world usage. Therefore, its price is more stable compared to other altcoins.
TRON has revenue from transaction fees and a burning mechanism on its network. This is a long-term supply suppressor, which is a positive factor for the price.
In short, the ecosystem is strong and the price isn't crashing. However, the resistance isn't being broken because the market is generally low-volume. TRON currently behaves like an asset that is frequently used but cannot be HODLed due to market inconsistencies. $TRX
The Crypto Market is Experiencing One of the Lowest Volume Periods in History
The chart shows the lowest volume around September 2023.
* “Others” falls below ~100T
* BTC around ~100B
* ETH below ~100B (even in the ~80-90B range)
This period can be described as the point where total market activity truly dried up.
Currently, BTC is around the 80-100B range, ETH around 170-180B, and Others around 200-250T. So, BTC is quite close to its historical lows. ETH is slightly higher but still weak, and total volume, while not as low as the past low, is clearly low. The market isn't exactly at the bottom, but it's close.
In such low-volume environments, liquidity weakens, and prices move more easily. Even small sell-offs can push the price down sharply. Rises don't inspire confidence. Because the lack of volume increases the risk of a fake rally. The main direction of the trend is generally downwards. Because if there are no strong buyers, the market falls under its own weight. We are currently experiencing this.
This volume level creates a foundation that supports the decline. It's particularly important that this chart is Binance data. Because Binance is the largest liquidity hub in the spot crypto market. If the volume here is falling, it indicates a decrease not only in local but also in global risk appetite. Since a significant portion of institutional and large investors trade here, a decrease in volume means a market decline. Unless whales shift from a spectator position to a buyer position, the market seems likely to continue falling. The most accurate conclusion to draw from this chart is that large investors still find the market expensive to buy and cheap to sell. $BTC $ETH
The chart shows the lowest volume around September 2023.
* “Others” falls below ~100T
* BTC around ~100B
* ETH below ~100B (even in the ~80-90B range)
This period can be described as the point where total market activity truly dried up.
Currently, BTC is around the 80-100B range, ETH around 170-180B, and Others around 200-250T. So, BTC is quite close to its historical lows. ETH is slightly higher but still weak, and total volume, while not as low as the past low, is clearly low. The market isn't exactly at the bottom, but it's close.
In such low-volume environments, liquidity weakens, and prices move more easily. Even small sell-offs can push the price down sharply. Rises don't inspire confidence. Because the lack of volume increases the risk of a fake rally. The main direction of the trend is generally downwards. Because if there are no strong buyers, the market falls under its own weight. We are currently experiencing this.
This volume level creates a foundation that supports the decline. It's particularly important that this chart is Binance data. Because Binance is the largest liquidity hub in the spot crypto market. If the volume here is falling, it indicates a decrease not only in local but also in global risk appetite. Since a significant portion of institutional and large investors trade here, a decrease in volume means a market decline. Unless whales shift from a spectator position to a buyer position, the market seems likely to continue falling. The most accurate conclusion to draw from this chart is that large investors still find the market expensive to buy and cheap to sell. $BTC $ETH
The Market is in the Early Stages of Altcoin Season
In the chart:
* January → strong rise (~3.3K)
* Early February → sharp dump (~1.8K)
* Afterwards → weak recovery (around ~2K)
So the trend is still clearly continuing in a horizontal movement trying to recover from below.
Especially in early February, very strong outflows (around -150K ETH) are seen. Normally, this is a bullish signal. However, the price crashed during the same period. This is a very important divergence. This chart breaks the classic textbook scenario. That is, the price falls when it should rise during exchange exits. This shows that there is no demand on the spot side. Investors are withdrawing ETH from exchanges, selling pressure is decreasing, but buying is not coming in. So there is HODL, but no new money inflow. Structural weakness is emerging. This shows that there is no liquidity in the market. In this situation, expecting a strong rise for Ethereum would be a big mistake. Rises always remain reactive. The direction will continue its horizontal downward trend.
Ethereum has always represented altcoins as well. Therefore, we are in the early stages for altcoin rallies. Because ETH is still weak and there is no new liquidity inflow. There is not enough money in the market to drive an altcoin rally. Investors are cautious and choosing to stay in cash. I don't expect this rise unless ETH surpasses $2.5K with high volume. $ETH
In the chart:
* January → strong rise (~3.3K)
* Early February → sharp dump (~1.8K)
* Afterwards → weak recovery (around ~2K)
So the trend is still clearly continuing in a horizontal movement trying to recover from below.
Especially in early February, very strong outflows (around -150K ETH) are seen. Normally, this is a bullish signal. However, the price crashed during the same period. This is a very important divergence. This chart breaks the classic textbook scenario. That is, the price falls when it should rise during exchange exits. This shows that there is no demand on the spot side. Investors are withdrawing ETH from exchanges, selling pressure is decreasing, but buying is not coming in. So there is HODL, but no new money inflow. Structural weakness is emerging. This shows that there is no liquidity in the market. In this situation, expecting a strong rise for Ethereum would be a big mistake. Rises always remain reactive. The direction will continue its horizontal downward trend.
Ethereum has always represented altcoins as well. Therefore, we are in the early stages for altcoin rallies. Because ETH is still weak and there is no new liquidity inflow. There is not enough money in the market to drive an altcoin rally. Investors are cautious and choosing to stay in cash. I don't expect this rise unless ETH surpasses $2.5K with high volume. $ETH
Are the Sales Caused by Loss-Making Bitcoin Miners?
From the beginning of 2025, the Miner Supply Ratio has been steadily decreasing. This indicates a decrease in the amount of BTC miners are sending to Binance. During the same period, the price first rises, then falls sharply. In other words, despite the decrease in miner sales, the price can still fall.
Miners have fundamental costs such as electricity, hardware, operation, and financing. For large-scale miners, these costs generally break-even depending on market conditions. After halving, these costs increase significantly. If the price approaches the cost, miners sell more. If the price is far above the cost, miners reduce sales and begin accumulating. In 2026, depending on region and conditions, it is known that the largest miners will have basic costs in the $34K-$43K range, while the average miner's basic cost will be in the $75K-$87K range. Therefore, it is clear that the vast majority of miners are either in the cost zone or operating at a loss.
Miners are the only actors constantly producing new BTC for the market. A decrease in this supply reduces the natural selling pressure in the spot market, tightening liquidity, especially in the short term.
In this chart, the Miner Supply Ratio is decreasing, indicating that miners are not selling or are selling very little. Despite this, the price is falling. This shows that the selling pressure is not coming from miners. These sales are coming from spot investors, ETF flows, and whales, creating macro risk.
The last part of the chart shows the Miner Supply Ratio near its lowest levels.
This proves that miners are not in a position to sell and are facing cost pressure.
The fact that the price is falling despite a weak supply side indicates a lack of demand. In other words, to say that the Bitcoin price has hit bottom, we need to see demand. There is no new demand yet, so the price seems quite prone to forming new lows. $BTC
From the beginning of 2025, the Miner Supply Ratio has been steadily decreasing. This indicates a decrease in the amount of BTC miners are sending to Binance. During the same period, the price first rises, then falls sharply. In other words, despite the decrease in miner sales, the price can still fall.
Miners have fundamental costs such as electricity, hardware, operation, and financing. For large-scale miners, these costs generally break-even depending on market conditions. After halving, these costs increase significantly. If the price approaches the cost, miners sell more. If the price is far above the cost, miners reduce sales and begin accumulating. In 2026, depending on region and conditions, it is known that the largest miners will have basic costs in the $34K-$43K range, while the average miner's basic cost will be in the $75K-$87K range. Therefore, it is clear that the vast majority of miners are either in the cost zone or operating at a loss.
Miners are the only actors constantly producing new BTC for the market. A decrease in this supply reduces the natural selling pressure in the spot market, tightening liquidity, especially in the short term.
In this chart, the Miner Supply Ratio is decreasing, indicating that miners are not selling or are selling very little. Despite this, the price is falling. This shows that the selling pressure is not coming from miners. These sales are coming from spot investors, ETF flows, and whales, creating macro risk.
The last part of the chart shows the Miner Supply Ratio near its lowest levels.
This proves that miners are not in a position to sell and are facing cost pressure.
The fact that the price is falling despite a weak supply side indicates a lack of demand. In other words, to say that the Bitcoin price has hit bottom, we need to see demand. There is no new demand yet, so the price seems quite prone to forming new lows. $BTC
I think Ethereum will retest its recent peak, around the $2400 level. After that, I expect a drop to the $1760 level. Will a long position be attempted first, then a short? I think yes. $ETH
Bitcoin may be experiencing its last upward move in a horizontal band. I think a decline is inevitable unless $72750 is broken. I would look for an entry point for a short trade when the price rises above $72750.
🏋️♀️Supports:
▪️$64800 (Horizontal Movement Support)
▪️$57835 (Untested Support)
▪️$51715 (Strong Support)
▪️$41450 (Potential Bottom Support)
$BTC
🏋️♀️Supports:
▪️$64800 (Horizontal Movement Support)
▪️$57835 (Untested Support)
▪️$51715 (Strong Support)
▪️$41450 (Potential Bottom Support)
$BTC
The DXY is still trading sideways within its accumulation range. I haven't removed my charts from months ago so we can see the movement. Now I expect the #dollar index to fall to the 95-96 level with the same up-and-down pattern. This means we might observe a short-term rise in the #crypto market. #DXY
This chart shows the $BTC Dominance (BTC.D) which indicates the share of Bitcoin in the total cryptocurrency market value. Technically, it has a very clean range structure.
In the Btc.d chart, there has been a squeeze for a long time in the range of %58.2 – %60.1. Middle band: %59.1 (balance point / pivot). Clearly a range market (period of indecision).
* Upper resistance: %60.0 – 60.1
* Mid level: %59.1
* Lower support: %58.2
These levels have been tested many times and work very strongly.
Current Price is currently below the pivot (59.1). Recent movements are forming Lower highs (weakening). Each attempt to the upper band is being rejected.
My expectation is a small reaction with a wick to the 59.5 – 60 band followed by a rejection and then a drop to the 58.2 support.
If BTC dominance falls, #Altcoins will strengthen (ALT SEASON bias). While BTC remains horizontal/weak, altcoins will outperform. Especially, mid-cap altcoins like $ETH will perform better.
The market is currently indecisive but is closer to breaking down; as long as it stays below 59.1, the bearish bias continues. The likelihood of testing 58.2 is high. This also means a favorable environment for altcoins in the short term. However, I think this situation will be short-lived. We might see a false spring rise.
In the Btc.d chart, there has been a squeeze for a long time in the range of %58.2 – %60.1. Middle band: %59.1 (balance point / pivot). Clearly a range market (period of indecision).
* Upper resistance: %60.0 – 60.1
* Mid level: %59.1
* Lower support: %58.2
These levels have been tested many times and work very strongly.
Current Price is currently below the pivot (59.1). Recent movements are forming Lower highs (weakening). Each attempt to the upper band is being rejected.
My expectation is a small reaction with a wick to the 59.5 – 60 band followed by a rejection and then a drop to the 58.2 support.
If BTC dominance falls, #Altcoins will strengthen (ALT SEASON bias). While BTC remains horizontal/weak, altcoins will outperform. Especially, mid-cap altcoins like $ETH will perform better.
The market is currently indecisive but is closer to breaking down; as long as it stays below 59.1, the bearish bias continues. The likelihood of testing 58.2 is high. This also means a favorable environment for altcoins in the short term. However, I think this situation will be short-lived. We might see a false spring rise.
XRP is preparing for a new dip
In this chart, let's focus directly on the current situation. Price: approximately $1.3 The supply on the exchange is rising around 2.7–2.8. So, while the price is falling, the XRP entering the exchange is increasing. We now know that the XRP entering the exchange is being sold. Investors are moving XRP to the exchange. The incoming supply creates selling pressure. Binance is an exchange where institutions and large investors are present. Therefore, it may be very beneficial to examine this data carefully.
In the last section, Exchange supply has turned back up, while the price is not responding. This is noteworthy because new selling potential is entering the market. On the other hand, the buyer side is also not visible. This means that buyers cannot dominate over sellers. The winner is the bear side.
If this structure continues, the price will continue its downward trending horizontal movement. Reactions will remain weak. Every upward candle is met by sellers. The likelihood of new dip attempts increases.
Currently, this data reveals a clear bearish structure. Although there may be upward movements in the short term, it is not expected to be permanent. The chart signals a preparation for a new dip for XRP. $XRP
In this chart, let's focus directly on the current situation. Price: approximately $1.3 The supply on the exchange is rising around 2.7–2.8. So, while the price is falling, the XRP entering the exchange is increasing. We now know that the XRP entering the exchange is being sold. Investors are moving XRP to the exchange. The incoming supply creates selling pressure. Binance is an exchange where institutions and large investors are present. Therefore, it may be very beneficial to examine this data carefully.
In the last section, Exchange supply has turned back up, while the price is not responding. This is noteworthy because new selling potential is entering the market. On the other hand, the buyer side is also not visible. This means that buyers cannot dominate over sellers. The winner is the bear side.
If this structure continues, the price will continue its downward trending horizontal movement. Reactions will remain weak. Every upward candle is met by sellers. The likelihood of new dip attempts increases.
Currently, this data reveals a clear bearish structure. Although there may be upward movements in the short term, it is not expected to be permanent. The chart signals a preparation for a new dip for XRP. $XRP
Silver peaked at around $115. Then a sharp decline began. Currently, the lower high is around $95 and the lower low is around $63. We can clearly say that the trend has been broken and a downtrend has begun.
74.9 (1.618 fibo) → strong resistance (will struggle to reverse)
60.7 (1.272 fibo) → current main support
54.9 → a lower target (if support is broken)
A rebound from the 60-63 region seems highly likely.
#Silver is an industrial metal investment. Its biggest difference from gold is that it is a semi-industrial metal. That is, it is an asset whose growth expectations decrease in an environment of war and economic uncertainty. In these risky periods, the first to be sold are always volatile assets and industrial metals. Therefore, silver becomes a direct target here.
Technically, the price of silver rose very quickly. 90% of such movements are reversed just as quickly. So, this decline can actually be considered a correction of the exaggerated rise.
The simultaneous fall in gold and silver indicates a market aversion to risk and a desire by whales to remain in cash. Demand for USD is suppressing assets like gold and silver. In this scenario, it is necessary to closely monitor the $60 support level. $XAG
74.9 (1.618 fibo) → strong resistance (will struggle to reverse)
60.7 (1.272 fibo) → current main support
54.9 → a lower target (if support is broken)
A rebound from the 60-63 region seems highly likely.
#Silver is an industrial metal investment. Its biggest difference from gold is that it is a semi-industrial metal. That is, it is an asset whose growth expectations decrease in an environment of war and economic uncertainty. In these risky periods, the first to be sold are always volatile assets and industrial metals. Therefore, silver becomes a direct target here.
Technically, the price of silver rose very quickly. 90% of such movements are reversed just as quickly. So, this decline can actually be considered a correction of the exaggerated rise.
The simultaneous fall in gold and silver indicates a market aversion to risk and a desire by whales to remain in cash. Demand for USD is suppressing assets like gold and silver. In this scenario, it is necessary to closely monitor the $60 support level. $XAG
Gold has broken below its long-standing ascending channel.
4.67K (1.618 fibo) → now strong resistance
4.40K region → short-term support (currently being tested)
4.01K (1.272 fibo) → next strong support
The trend has been broken. A lower high and lower low have formed. It has turned bearish in the short term.
🧠 The Real Question: “Why is gold falling while there is a war?”
Normally, #Gold would rise when geopolitical risk, inflation, and oil prices increase. However, this time there is a sharp decline. This is because Gold and the #Dollar are always inversely correlated, and we are seeing large sums of money fleeing to the dollar instead of gold.
Gold is a non-interest-bearing asset. The perception that interest rates will not fall in this war environment is also putting pressure on gold.
The rise in gold without a correction has also caused whales to take profits.
Rising oil prices do create inflation, but they can also lead to a preference for bonds over gold.
In summary, this decline is not illogical; on the contrary, it was a fairly clean decline. The trend has been broken, the dollar is strong, and interest rate expectations are creating pressure. Therefore, gold currently stands out as an asset where profits are being realized.
If the price holds at 4.40, a reaction may occur.
If 4.40 is broken, the 4.00K region will be tested. This possibility seems more likely. $XAU
4.67K (1.618 fibo) → now strong resistance
4.40K region → short-term support (currently being tested)
4.01K (1.272 fibo) → next strong support
The trend has been broken. A lower high and lower low have formed. It has turned bearish in the short term.
🧠 The Real Question: “Why is gold falling while there is a war?”
Normally, #Gold would rise when geopolitical risk, inflation, and oil prices increase. However, this time there is a sharp decline. This is because Gold and the #Dollar are always inversely correlated, and we are seeing large sums of money fleeing to the dollar instead of gold.
Gold is a non-interest-bearing asset. The perception that interest rates will not fall in this war environment is also putting pressure on gold.
The rise in gold without a correction has also caused whales to take profits.
Rising oil prices do create inflation, but they can also lead to a preference for bonds over gold.
In summary, this decline is not illogical; on the contrary, it was a fairly clean decline. The trend has been broken, the dollar is strong, and interest rate expectations are creating pressure. Therefore, gold currently stands out as an asset where profits are being realized.
If the price holds at 4.40, a reaction may occur.
If 4.40 is broken, the 4.00K region will be tested. This possibility seems more likely. $XAU
Ethereum Still Expensive for Buyers
Recently, netflow has been consistently negative, meaning investors are regularly removing ETH from exchanges. The supply of ETH to sell is weakening on the spot market. However, this isn't strongly reflected in the price. The price is still hovering around $2.1K. There's a low-volume rise. Normally, with such a large outflow, a rapid price recovery would be expected, but this isn't happening. This is because even without selling, there's a lack of demand and macroeconomic pressure.
Ethereum has also seen upward netflow jumps, especially in the last 2-3 months. This shows that selling pressure has been encountered at every attempt at an upward move.
The Fed announced it kept interest rates unchanged. This is a neutral-positive situation. There's no extra liquidity, but it's a move that reduces macroeconomic pressure. The war in the Middle East is causing whales to prefer staying in cash. Therefore, even though interest rates are unchanged, demand for crypto is weak.
In short, the ETH supply side is bullish, but there are no buyers. I think buyers still find the price expensive and are waiting for a new low. $ETH
Recently, netflow has been consistently negative, meaning investors are regularly removing ETH from exchanges. The supply of ETH to sell is weakening on the spot market. However, this isn't strongly reflected in the price. The price is still hovering around $2.1K. There's a low-volume rise. Normally, with such a large outflow, a rapid price recovery would be expected, but this isn't happening. This is because even without selling, there's a lack of demand and macroeconomic pressure.
Ethereum has also seen upward netflow jumps, especially in the last 2-3 months. This shows that selling pressure has been encountered at every attempt at an upward move.
The Fed announced it kept interest rates unchanged. This is a neutral-positive situation. There's no extra liquidity, but it's a move that reduces macroeconomic pressure. The war in the Middle East is causing whales to prefer staying in cash. Therefore, even though interest rates are unchanged, demand for crypto is weak.
In short, the ETH supply side is bullish, but there are no buyers. I think buyers still find the price expensive and are waiting for a new low. $ETH
The chart, being TOTAL3 (total market cap excluding $BTC and $ETH ), actually reflects the overall health of the altcoin market. Therefore, the structure we see here directly describes the risk appetite of altcoins.
The macro structure is still in a downtrend. The lower high-lower low series that followed the September peak has not been broken. So, in the big picture, the market is still weak. The price failed to break the 765T resistance. Even if it had, I think it would have gone to a maximum of 850T. The 715T-765T range seems like a "reversal or continuation" zone.
In the short term, buyers are attempting a breakout. However, this doesn't yet constitute a trend reversal. If the price breaks above 0.786 (765B) and maintains that level, we might see some short-term relief in altcoins. The macro trend is still bearish.
The macro structure is still in a downtrend. The lower high-lower low series that followed the September peak has not been broken. So, in the big picture, the market is still weak. The price failed to break the 765T resistance. Even if it had, I think it would have gone to a maximum of 850T. The 715T-765T range seems like a "reversal or continuation" zone.
In the short term, buyers are attempting a breakout. However, this doesn't yet constitute a trend reversal. If the price breaks above 0.786 (765B) and maintains that level, we might see some short-term relief in altcoins. The macro trend is still bearish.
Bitcoin Whale Ratio Pressure
The Whale Ratio simply shows the share of BTC sent to exchanges by large whales within the total flow. When the ratio increases, it means that large players are moving more BTC to exchanges. This usually signals an increase in selling intent.
Looking at the recent period, the price has already been moving downwards within a weak structure and has not yet produced a strong recovery signal. At this point, the increase in the Whale Ratio indicates a change in the quality of the supply entering the market. In other words, larger players are becoming more active, rather than small investors. Since this situation is particularly relevant during a recovery process, the increasing Whale Ratio suppresses this recovery. Because the probability of encountering selling pressure on upward attempts increases. Considering that the main trend of the price is a downtrend, this increase in the ratio could accelerate the continuation of the decline. Because the liquidity added to the selling side is heavier.
Especially since this data belongs to one of the highest volume spot markets, the movements here directly affect price formation. Therefore, the effect of the increase seen here is generally felt more clearly and immediately.
We can't say the price is at its bottom right now, but it's trying to start rising from a low point. If the Whale Ratio is increasing, this could be a move to turn the price rise into a selling opportunity.
In the short term, this structure could limit upward movements and cause the price to either consolidate horizontally or face renewed downward pressure. Especially in areas where large players are active and flows are concentrated, the price's direction is generally more rigid and decisive. Considering Bitcoin broke the $72750 resistance level without significant volume, the price may face selling pressure.
In summary, the rise in the Whale Ratio is generating a suppressive signal for the price in the current market structure. $BTC
The Whale Ratio simply shows the share of BTC sent to exchanges by large whales within the total flow. When the ratio increases, it means that large players are moving more BTC to exchanges. This usually signals an increase in selling intent.
Looking at the recent period, the price has already been moving downwards within a weak structure and has not yet produced a strong recovery signal. At this point, the increase in the Whale Ratio indicates a change in the quality of the supply entering the market. In other words, larger players are becoming more active, rather than small investors. Since this situation is particularly relevant during a recovery process, the increasing Whale Ratio suppresses this recovery. Because the probability of encountering selling pressure on upward attempts increases. Considering that the main trend of the price is a downtrend, this increase in the ratio could accelerate the continuation of the decline. Because the liquidity added to the selling side is heavier.
Especially since this data belongs to one of the highest volume spot markets, the movements here directly affect price formation. Therefore, the effect of the increase seen here is generally felt more clearly and immediately.
We can't say the price is at its bottom right now, but it's trying to start rising from a low point. If the Whale Ratio is increasing, this could be a move to turn the price rise into a selling opportunity.
In the short term, this structure could limit upward movements and cause the price to either consolidate horizontally or face renewed downward pressure. Especially in areas where large players are active and flows are concentrated, the price's direction is generally more rigid and decisive. Considering Bitcoin broke the $72750 resistance level without significant volume, the price may face selling pressure.
In summary, the rise in the Whale Ratio is generating a suppressive signal for the price in the current market structure. $BTC
For Ethereum, $2500 is a very strong resistance level. $2650 has become the trend resistance. If this level is breached, we can say that the trend has turned upwards. Unless it is broken – and I don't expect it to be broken until the last quarter of 2026 – the direction will continue downwards. $ETH
The bull season hasn't arrived yet, but it seems the bullish hype season has. I see those trading in false hope with every green candle, but I haven't seen a confirmed trend reversal yet.
For a trend reversal, #Bitcoin needs to close above $81,500. If the price stays above the $72,750 support level, it could be a trap. Based on my on-chain analysis, I believe it's rising due to increased short positions. $BTC
For a trend reversal, #Bitcoin needs to close above $81,500. If the price stays above the $72,750 support level, it could be a trap. Based on my on-chain analysis, I believe it's rising due to increased short positions. $BTC
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