We can say that the region between $ 46,000 and $ 48,000 has served as a strong support for bitcoin price lately.

However, as of the time of writing, BTC has fallen significantly below this zone and is trading at around $ 44,200. Therefore, the trend could probably go in the $ 40,000 direction. IntoTheBlock estimates that this area will serve as the next major support, as a total of 226,000 BTC was purchased between $ 39,454 and $ 40,877.

As CryptoQuant CEO Ki Young Ju pointed out, a whale war is currently underway between US institutional investors, BTC whales and miners over “who has the real power”. US institutional investors are giving a clear “buy” signal via the Coinbase price premium as well as Coinbase exits. BTC whales are also in the mood to buy at current levels as evidenced by their BTC reserve and stablecoin entry transactions.

However, the mining industry once again seems to have a different view. As Ju puts it, it gives a clear “Sell” signal for miner exits and miner flows to exchanges.

However, mining pool owners such as F2Pool, which has been the center of attention in recent weeks, should not be blamed, as Ju pointed out. The exits come from “affiliated miners who have joined the mining pool at least once”. But as Moskovski Capital analyst and CEO Lex Moskovski observed yesterday, the trend may be turning. Moskovski shared the graph below and said:

“Miner pools are still piling up in total. Yesterday there was another positive MNPC. Despite some sales pressure today, the outlook is still positive. ”

See Also
After Last Week's FUD, Bitcoin (BTC) and Ethereum (ETH) Have a 5% Return

While the war that Ju put out may seem like it could end, this has not yet been reflected in the Bitcoin price. Therefore, all eyes can be on the Monday when institutional investors will return. As technical analyst Josh Rager points out, Sunday and Monday are famous for their big price movements.

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