Many Bitcoin\u00a0(BTC)<\/a>\u00a0traders became bullish this week as prices rallied deep into the $88,000 level, but failure to overcome this level in the short term could be a take-profit signal. <\/p>\n Alphractal, a crypto analytics platform, noted that Bitcoin whales have entered short positions at the $88,000 level.\u00a0<\/p>\n In a recent X post, the platform highlighted<\/a> that the \u201cWhale Position Sentiment\u201d metric exhibited a sharp reversal in the chart, indicating that major players with a bearish bias have stepped. The metric defines the relationship between the aggregated open interest and trades larger than $1 million across multiple exchanges.<\/p>\n Bitcoin: Whale position sentiment. Source: X<\/em><\/p>\n<\/figcaption><\/figure>\n As illustrated in the chart, the two circled regions are synonymous with Bitcoin price falling to the $88,000 level. Alphractal said:<\/p>\n \u201cWhen the Whale Position Sentiment starts to decline, even if the price temporarily rises, it is a strong signal that whales are entering short positions, which may lead to a price drop.\u201d<\/p><\/blockquote>\n Alphractal CEO Joao Wedson also confirmed<\/a> that whales had closed their long positions and that prices have historically moved according to their directional bias.\u00a0<\/p>\n Bitcoin: Bull score signals. Source: CryptoQuant<\/em><\/p>\n<\/figcaption><\/figure>\n Similarly, 8 out of 10 onchain signals on CryptoQuant have turned bearish<\/a>. As highlighted above, with the exception of the stablecoin liquidity and technical signal indicators, all the other metrics flash red, underlining the likelihood of a possible pullback in Bitcoin price. <\/p>\n Last week, Ki Young Ju, CEO of CryptoQuant, noted<\/a> that the markets were entering a bear market and that investors should expect \u201c6-12 months of bearish or sideways price action.\u201d<\/p>\n Related: Will Bitcoin price hit $130K in 90 days? Yes, says one analyst<\/strong><\/em><\/a><\/p>\n While onchain metrics turned red, some investors exhibited confidence in Bitcoin. Data from IntoTheBlock highlighted<\/a> net BTC outflows of $220 million from exchanges over the past 24 hours. The sum reached $424 million between March 18 to March 24. This trend implies that certain holders are accumulating.\u00a0<\/p>\n Bitcoin net outflows by IntoTheBlock. Source: X<\/em><\/p>\n<\/figcaption><\/figure>\n On the lower time frame (LTF) chart, Bitcoin formed an intraday high at $88,752 on March 24, but since then, BTC has yet to establish a new intraday high. <\/p>\n Bitcoin 4-hour chart. Source: Cointelegraph\/TradingView<\/em><\/p>\n<\/figcaption><\/figure>\n With Bitcoin moving within the trendlines of an ascending channel pattern, it\u2019s expected that the price will face resistance from the upper range of the pattern and 50-day, 100-day, exponential moving averages on the daily chart.\u00a0<\/p>\n With whales possibly shorting between $88,000 and $90,000, Bitcoin needs to close above $90,000 for a continued rally to $100,000.\u00a0<\/p>\nBitcoins Bitcoin outflows reach $424 million in 7 days<\/h2>\n