After Bitcoin crossed [the $37,000 level](https://coingape.com/just-in-bitcoin-price-hit-37000-channel-breakout-rally-awaits/) last week in its continued rally, it seems that the bulls are making more efforts to hold up to those levels.At press time, the BTC price is trading at $36,950 levels while facing downward selling pressure.Bitcoin Whales Are Selling As per on-chain data, Bitcoin whales have been systematically chasing out over the last week.Citing data from Santiment, popular crypto analyst Ali Martinez reported that Bitcoin whales have been cashing in on profits by selling or redistributing approximately 60,000 BTC in the last week, with an estimated value of around $2.22 billion.Additionally, the total [open interest (OI)](https://coingape.com/bitcoin-price-surge-contradicts-lower-open-interest-trends/?utm_source=24hrsupdateall) is now below the levels observed when Bitcoin was valued at $25,000 and lower than its previous benchmarks at the current price.Despite the notable increase in price, the diminished open interest implies a potential absence of fresh capital inflows into the futures market, signaling a cautious or bearish sentiment among traders.Anticipations of Bitcoin retracing to $20,000, $25,000, or potentially dipping below $30,000 continue to persist among some analysts.Such predictions arise from apprehensions related to regulatory changes, macroeconomic influences, and the inherent unpredictability of cryptocurrency markets.
Where’s the BTC Price Going Next? If the bulls successfully surpass the resistance at $37,033.37, the BTC price will regain momentum and make a potential move to challenge the upper resistance at $38,082.91 in the near term.Recommended Articles Sustaining the price at this level could pave the way for a market attempt to reach the [year-end target of $40,000](https://coingape.com/btc-price-surges-to-36500-as-bitcoin-etf-approval-window-opens/).On the flip side, if the bears exert dominance, leading to a loss of momentum, the price may retreat to test the support at $36,000.A continued bearish trend could intensify, resulting in a significant price drop and a test of the crucial support level at $33,429.29.Popular crypto analyst Rekt Capital provides the right insights into what can happen and what steps investors need to take ahead.Accumulate on any deeper retraces in orange HODL in light blue Re-Accumulate in red Enjoy green [$BTC] [#Crypto] [#Bitcoin] [pic.twitter.com/3HYjv8au6G] — Rekt Capital (@rektcapital) [November 13, 2023] [Breaking: Bitget Ditches Hong Kong Crypto License Pursuit](https://coingape.com/bitget-ditches-hong-kong-crypto-license-pursuit/?utm_source=priceanalysisbar) [Bitcoin (BTC) Whales Are Cashing Out In Big Numbers, Caution Ahead?](https://coingape.com/bitcoin-btc-whales-are-cashing-out-in-big-numbers-caution-ahead/?utm_source=priceanalysisbar) [Chinese Hackers Fake Skype App Drains User’s Crypto](https://coingape.com/chinese-hackers-fake-skype-app-drains-users-crypto/?utm_source=priceanalysisbar) [Australia Mandates Reporting of Ransomware Attacks by Firms](https://coingape.com/australia-mandates-reporting-of-ransomware-attacks-by-firms/?utm_source=priceanalysisbar) [Filecoin (FIL) Price Jumps 16% Amid Sushi DEX Integration, What’s Next?](https://coingape.com/filecoin-fil-price-jumps-16-amid-sushi-dex-integration-whats-next/?utm_source=priceanalysisbar) [Shiba Inu Price Prediction As Traders Eye 46% Double-Bottom Breakout, Time To Buy SHIB?](https://coingape.com/markets/shiba-inu-price-prediction-as-traders-eye-46-double-bottom-breakout-time-to-buy-shib/?utm_source=priceanalysisbar) [Ethereum Price Rally Gaining Momentum As Institutional Investors Flock To ETH Increasing AUM](https://coingape.com/markets/ethereum-price-rally-gaining-momentum-as-institutional-investors-flock-to-eth-increasing-aum/?utm_source=priceanalysisbar) [Highest Crypto Gainers of the Week; FTT, ZRK, TIA Price Analysis](https://coingape.com/markets/highest-crypto-gainers-of-the-week-ftt-zrk-tia/?utm_source=priceanalysisbar) [Avalanche Price Prediction Hints $30 Target As Buyers Clear 500-Day Resistance](https://coingape.com/markets/avalanche-price-prediction-hints-30-target/?utm_source=priceanalysisbar) [Bitcoin Price Prediction Hints Rally to $45K as Buyers Break 15-Month Barrier](https://coingape.com/markets/bitcoin-price-prediction-hints-rally-to-45k/?utm_source=priceanalysisbar).
