Bitcoin Stalled Below $69,000: Will Whale Traders Push the Price Down?
The post Bitcoin Stalled Below $69,000: Will Whale Traders Push the Price Down? appeared first on Coinpedia Fintech News
Bitcoin has been trading between $68,000 and $69,000. With a lot of effort, the first cryptocurrency managed to cross the resistances after $67,300, which is now the last support zone. What is the reason why BTC is finding it difficult to fight the current resistance? Let’s find out.
Bitcoin Resistance Zone
Bitcoin has entered an area that is filled with multiple large and small resistance zones. The largest one is the $69,000 one that rejected the price. At the time of writing, Bitcoin is trading at $68,143, which means it has fallen below the $68,300 support level. This zone has now turned into an active resistance. The price rejection was described along with reasons such as crypto whale activities in our analysis the previous day.
Other analysis data
According to the Bitcoin liquidity chart, it is evident that there are no buyers available in the current zone. This can lead to a price drop towards $68,000 and below. On the other hand, whale order data shows that there are large traders waiting for the BTC price to rise a bit so they can short it. There are more sellers in the previous zone compared to buyers. If new long traders do not balance the equation, the price correction is evident.
It happened after a long time that in 24 hours the liquidation value was less than $100 million. In the past 24 hours, trades worth $87.97 million were washed out. These trades belong mainly to short traders. Around 37,000 traders were liquidated.
