Bitcoin Faces Critical Support Levels as Whale Bets Against Price

Bitcoin has been trading in a narrow range recently, holding above $60,000. On-chain data analyst Axel Adler warns that if Bitcoin falls below $61,500, selling pressure could intensify further.

Adler examined the BTC UTXO stress indicator and found that it rose above 71.58, indicating that a significant portion of the circulating supply is in loss territory. This is a critical level that Adler says should be watched closely.

A year ago, the same indicator was at 41, but now it's back to levels seen before the decline in May. If the indicator falls below 70 and momentum remains negative, stress and selling pressure will decrease. However, if Bitcoin falls below $61,500 and the indicator rises above 90, Adler warns that selling pressure could increase further.

A giant whale has also placed a bet against Bitcoin's price. An anonymous options investor sold $173 million worth of call option contracts with a strike price of $70,000 before September 25th. If Bitcoin doesn't surpass this level by then, the investor will retain their premium.