Bitcoin (BTC), which sought to overcome August resistance on Sep. 10, as whale buy-levels dictated BTC’s price action, was successful.
BTC/USD 1-day candle chart (Bitstamp). Source: TradingView
Whales provide short-term price ceiling
Data from TradingView and Cointelegraph Markets Pro showed that BTC/USD hit new multi-week highs at $21,671 on Bitstamp.
After securing the lowest levels since June, the pair took advantage of a short squeeze that began on Sep. 9 and pushed it up to 10%.
Whalemap, an on-chain monitoring tool, observed that Bitcoin had been able to set a floor by clusters of whale-buy-ins.
$19,000 was a high-volume area of buyer interest in the past, and it remained unchanged during the two-month lows.
Cointelegraph reported that there are two additional key areas for whale support at $16,000 and $13,000.
The Whalemap team stated that “Whale support at the 19k worked almost completely to the upside.”
According to whales, the nearest resistance is at 21 543.
A chart was attached that showed the significance and the range in which BTC/USD was operating on the day. The zone was not only of interest to whales but also functioned in support mode until mid-August, when it became resistance.
Annotated chart of large Bitcoin wallet inflows Source: Whalemap/Twitter
Michael van de Poppe (founder and CEO of Eight trading firm) stated that Bitcoin was still at resistance and would likely consolidate here.
“I would like to see the high being swept away and then a consolidation. What happens between? It’s likely that altcoins will fire off heavily.” This impressive move would seem quite logical. (Does it 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
In the meantime, Trader Pheonix called for more consolidation and then a return to $23,000.
Ethereum to Hit $1,900
Ether (ETH) was another interesting option for traders. It managed to reach its highest level since Aug. 19, the day before retracing.
Related: Can Bitcoin’s rally continue? DXY, SPX and GC could all have the answer
Popular Twitter account Il Capo from Crypto suggested that $1,745 could still win, even though a comedown was imminent.
He forecasted in a new update, “Going straight at the $1800-1900 resistance.”
“I expect bearish continuation after this level is reached.” This could happen on or before the merger date.”
ETH/USD 1-day candle charts (Binance). Source: TradingView
The Merge, which is due Sep. 15, has been closely watched as a potential source for volatility on both USD/ETH and beyond.
Mt., a defunct exchange, reimburses creditors. The two events at Gox are supposed to occur simultaneously, and will take place two days after the United States’ latest Consumer Price Index (CPI), inflation data.
com. You should do your research before making any investment or trading decision.
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