Large Bitcoin holders, known as “whales,” are impacting the cryptocurrency’s price through strategic liquidity adjustments, according to FireCharts 2.0 and Material Indicators. Analysts believe these moves aim to create a more stable trading range for Bitcoin.
Whales Narrowing the Trading Range?
Material Indicators noted fewer sell orders at higher prices and more buy orders between $60,000 and $67,000. This strategy, anticipated since Bitcoin rose above $52,000, could reduce price swings.
Optimism Despite Recent Rejection
Recent price increases led to speculation about a rise to $73,000. Although Bitcoin faced a sharp rejection near $70,600, analysts at Material Indicators remain cautiously optimistic due to positive long-term factors, though they did not provide details.
Technical Resistance
Despite strong fundamentals, Bitcoin struggles to break above $69,000, a key level for continued upward momentum. Analysts observed a gradual decrease in sell orders at higher prices, now closer to $70,000-$71,500.
Support Levels and Market Analysis
Material Indicators’ analysts identified potential support between $65,000 and $66,000, where the 21-Day, 50-Day, and 100-Day Moving Averages meet. Order book data supports this, with increased sell orders above $70,000 and buy orders as low as $58,000. The strongest support zones are at $60,000 and $65,000.
Long-Term Optimism Remains
While short-term movements are complex, the long-term outlook for Bitcoin is positive. The main question is when, not if, a significant price increase will happen. Currently, there are over $200 million in sell orders between $71,000 and $75,000, compared to $90 million in buy orders between $65,000 and $67,000. More buying pressure is needed to push Bitcoin into the $70,000 range.
Best Scenario for Bitcoin
Material Indicators believe the best scenario involves Bitcoin maintaining a trading range above $65,000, breaking above $69,000, and stabilizing before aiming for a new all-time high. Based on current order book data and technical analysis, this path would indicate a healthy market.
Bitcoin is currently trading at $67,880.37 with 0.50% dip over the past 24 hours. In the same period, trading volume has also been dropped by 11.67%.
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