Bitcoin (BTC) was range bound at the open on Wall Street on October 6 and traders are already planning a “violent” breakout.
Bitcoin Whales Activity Highlights Importance of $19,000
Data from Cointelegraph Markets Pro and TradingView followed the BTC/USD pair as it moved up and down for just a matter of a few hundred dollars on the day.
The pair focused on $20,000, which moved in tandem with US equity consolidation and dollar strength.
With no point catalyst in sight on short-terms, on-chain analysis resource Whalemap turned to large-scale buy and sell points to outline potential support and resistance.
down, $19,174 marked the spot for whale buying, suggesting its continued strength as a bottom line.
Bullish advances, meanwhile, would have to face a cloud of resistance at $21,500.
“Don’t be distracted by the noise”, commented the Whalemap team next to a chart showing key levels overnight.
As Cointelegraph reported, $19,000 was already on the radar, reflecting the broadest aggregate price sold for BTC supply—Bitcoin’s so-called “investor cost basis.”
On the other hand, others point to $21,000 as a likely turning point in the event of a bull run.
Futures Open Interest Approaches Record 604,000 BTC
On longer time frames, meanwhile, the popular Daan Crypto Trades trading account framework an impending triangle breakout for the BTC/USD pair after weeks of comparative sideways trading.
“$BTC The only two lines you need for the next week,” he summarized.
In the derivatives markets, traders were constantly adding dry powder that could fuel a “violent” end to the status quo.
“As bitcoin consolidates around $20,000, BTC-denominated futures open interest sits just below all-time highs at 604,000 BTC”Dylan LeClair, a senior analyst at UTXO Management, wrote in a dedicated thread.
“Whether it’s up or down, when Bitcoin breaks out of its current range, it’s probably going to be a violent move.”
LeClair noted that the all-time high in open interest was mostly collateralized by stablecoins, marking a distinctive change from the strong bullish volatility seen in April 2021, when BTC/USD hit $58,000.
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