BTC price nears $21.7K as whales boost Bitcoin ‘almost perfectly’

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Bitcoin (BTC) sought a reversal of the August resistance on September 10 as whale buying-levels determined BTC price action.

BTC/USD 1-Day Candle Chart (Bitstamp). Source: TradingView

Whales offer short term price range

Data from Cointelegraph Markets Pro and TradingView shows that BTC/USD has hit a new multi-week high of $21,671 on Bitstamp.

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The pair capitalized on a short squeeze that began at the beginning of September 9, which, after plummeting to the lowest levels since the end of June, took almost 10% more.

analysis of Events, on-chain monitoring resource Whalemap noted, that clusters of buy-ins by whales had effectively allowed bitcoin to be held in one floor.

$19,000 was a high-volume area of ​​interest for buyers earlier, and thus was not breached during the journey to two-month lows.

As Cointelegraph reported, two other key whale support areas are located at $16,000 and $13,000.

“At 19k the whale support worked almost completely upside down,” commented the Whalemap team.

“$21,543 is now the nearest resistance according to Whale.”

The accompanying chart shows the importance of the middle $21,000 corridor in which BTC/USD was trading on that day. In addition to holding interest for whales, the zone served as support in mid-August before flipping to resistance.

Bitcoin flow large wallet annotated charts. Source: whalemap/twitter

“Bitcoin is still under resistance and is probably strengthening here,” said Michael van de Poppe, founder and CEO of trading firm Eight. Told Daily Twitter followers.

“I would like to see the highs drifting and then a consolidation. What happens in the middle? Possibly we will see the altcoins firing heavily.”

Meanwhile, trader Phoenix called for more strong consolidation, which was followed by a return to $23,000.

Ethereum Expected to Reach $1,900

Additional interest for traders was Ether (ETH), which was at its highest level since August 19, the day before the retracement.

RELATED: Will Bitcoin’s Rally Sustain? DXY, SPX, GC and WTI may be the answer

$1,745 Still Can Be Beaten, Crypto’s Popular Twitter Account Il Capo arguedbefore a fall.

“Going straight to the $1800-1900 resistance level,” he predicted in a recent update.

“I expect the slowdown to continue after this level is reached. It could happen on or before the date of the merge.”
ETH/USD 1-Day Candle Chart (Binance). Source: TradingView

The merge, which took place on September 15th, was already keen as a potential source of volatility on both ETH/USD and beyond.

Creditor reimbursements from defunct exchange Mount Gox are due to begin the same day, and both events will come two days after the latest Consumer Price Index (CPI) inflation data from the United States.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, so you should do your own research when making a decision.