Bitcoin (BTC) price tried to break above August resistance on September 10as whale buying levels dictated BTC price action.
Whales provide a ceiling for short-term prices
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD hit new multi-week highs of $21,671 on Bitstamp.
The pair capitalized on a bullish contraction that began early on September 9taking it close to 10% higher after falling to the lowest levels since late June.
analyzing events, the on-chain monitoring resource Whalemap noted that buying clusters by the whales had allowed bitcoin to establish a bottom.
The $19,000 had been a high-volume zone of interest for buyers previouslyand this remained during the visit at two-month lows.
As Cointelegraph reported, Two other key support zones for the whales are at $16,000 and $13,000.
“Support for whales at 19,000 worked almost perfectly to the upside”commented the Whalemap team.
“$21,543 is now the nearest resistance according to the whales.”
An attached chart showed the importance of the corridor near $21,500 in which the BTC/USD pair was trading during the day. In addition to being of interest to whales, the area served as support in mid-August before transitioning to resistance..
“Bitcoin still remains at resistance and likely to consolidate there”, said Michaël van de Poppe, founder and CEO of Eight, a trading company, to his Twitter followers that day.
I would like to see a sweep of the high and then a consolidation. What would happen in between? We would probably see altcoins shoot up sharply.”
After this impressive move, it would be quite logical (does that ever apply to bripto?) to cool off here
LTF sweep already happened, momentum falling bit by bit
If $BTC holds ~20.7K, then I think we’ll run this to 23K later#bitcoin pic.twitter.com/s852sVRmF6
— Phoenix (@Phoenix_Ash3s) September 10, 2022
After this impressive move, it would be quite logical (does that ever apply to crypto?) for it to stay there
LTF Sweep Already Happened, Momentum Slowly Falling
If $BTC holds 20,700, then I think we’ll run this to 23,000 later.
Trader Pheonix, meanwhile, called for a more substantial consolidation next.followed by a return to $23,000.
Ethereum is expected to hit $1,900
Of additional interest to traders was Ether (ETH), which made its highest since on August 19 before pulling back.
The popular Il Capo of Crypto Twitter account plot still $1,745 can be broken, before a downside occurs.
“It goes straight to the resistance of 1,800-1,900 dollars”predicted in a new update.
“I expect a continuation to the downside once this level is reached. This could be on or before The Merge date.”
The Mergescheduled for September 15, was already considered as a potential source of volatility both for the ETH/USD pair as well as for other.
Refunds from creditors of the defunct Mt. Gox exchange are theoretically scheduled for the same dayand both events will occur two days after the latest inflation data from the US Consumer Price Index (CPI).
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