Bitcoin whales hold on to their assets as BTC price drops below $70K, defying the ‘euphoria’.

Bitcoin (BTC) faced the risk of reaching new local lows on April 16 as major investors refrained from selling. During the Asia trading session, BTC experienced two significant drops below $62,000. The overall sentiment in risk-asset markets was cautious, with US stocks showing instability and Bitcoin failing to sustain its rebound. A popular trader known as Skew highlighted the importance of BTC staying above $62K to have any chance of a significant recovery. However, perpetual swaps markets exhibited clear pessimism and consistent de-risking. While there was potential for a bullish reaction during European trading hours, the market remained stagnant at the time of writing. BTC price targets on the downside included $59,000 on April 16 and even lower levels below $40,000 in the long term. Whalemap, a monitoring platform, identified $52,000 and $48,000 as key levels to watch based on whale liquidity. CoinGlass data showed that the largest band of sell-side liquidity was just above $64,000. Despite the falling market, whales showed little interest in selling their BTC holdings. Research firm Santiment revealed that the largest wallet cohorts continued to accumulate BTC, indicating their confidence in the asset despite its recent volatility and decline in market value.