Whales boost BTC seeing that price is close to $21.7k
September 10, 2022 8:35 PM
It's all approximately the big-quantity purchase and promote zones for Bitcoin on brief timeframes, records reveals.
Bitcoin (BTC) appeared to clear August resistance on September 10 as whale buying dictated BTC price action.
Whales create short-term price spikes
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD hit new multi-week highs of $21,671 on Bitstamp.
The Das The pair took advantage of a short squeeze that began early September 9 and is up about 10% after hitting its lowest level since late June.
In analyzing events, the on-chain Monitoring resource Whalemap notes that whale buying groups had effectively allowed bitcoin to land.
$19,000 had previously been a high-volume area of interest for investors and thus remained intact during the two-month visit. minimum.
As Cointelegraph reported, two other key whale support zones are at $16,000 and $13,000.
“Whale support at 19k worked almost perfectly to the upside,” the Whalemap team commented.
“$21,543 is now the closest resistance according to whales.”
An accompanying chart showed the significance of the mid-$21,000 corridor that BTC/USD was trading in on the day. In addition to being of interest to the whales, the area served as support in mid-August before turning into resistance.
"Bitcoin is still resting on resistance and is likely to consolidate here," Michaël van de Poppe, founder and CEO of trading company Eight, told Twitter followers that day.
“I'd like to see the high getting swept and then a consolidation. What happens in between? Probably we'll see altcoins firing off heavily.”
Meanwhile, trader Phoenix called for more consolidation below, followed by a return to $23,000.
Ethereum should reach $1,900
Of additional interest for traders was Ether ( ETH), which recorded its highest level since August 19 the day before the pullback.
$1745 can still be broken, popular Twitter account Il Capo de Crypto argued before a pullback.
"Go straight to the $1800-1900 resistance ", predicted in a new update.
“I expect bearish continuation once this level has been reached. This could be on or before the merge date.”
The merger, scheduled for September 15, has already been viewed as a potential source of volatility in both ETH/USD and beyond.
Repayments from creditors of the defunct exchange Mt. Gox are becoming theoretical phase out begins on the same day, with both events taking place two days after the latest US CPI inflation data.