Bitcoin (BTC) sought to reverse August resistance on September 10 as whale buying levels drive BTC price action.
Whales provide a short-term price ceiling
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD hit a multi-week high of $21,671 on Bitstamp.
The pair capitalized on a brief squeeze that began early on September 9, which saw it rise nearly 10% after breaching the lows since late June.
On analysis The incidents, an on-chain monitoring source revealed, allowed Whalemap to put bitcoin on the floor for groups buying whales.
$19,000 was previously a zone of high interest for buyers, and it remained unbroken during the two-month low visit.
According to Cointelegraph, two other key WELL support zones lie at $16,000 and $13,000.
“Whale support at 19k has worked its way up completely,” commented the Whalemap team.
“$21,543 is now the closest resistance for whales.”
The accompanying chart showed the importance of the $21,000 mid-corridor where BTC/USD was operating on the day. In addition to interest in whales, the zone also served as support before turning into resistance in mid-August.
“Bitcoin is still resting at resistance and is probably consolidating here,” said Michael Van de Pop, founder and CEO of Eight Trading. They spoke Twitter followers that day.
“I want to see the peak cleared and then strengthened. What happens in between? We will probably see altcoins skyrocket.”
After this amazing move, it makes perfect sense to chill here (does this apply to the brito?).
The LTF sweep has already happened, the pace is falling slightly.
if so $BTC It holds ~20.7k, so I think we’ll run this down to 23k later#Bitcoin pic.twitter.com/s852sVRmF6
— Phoenix (@Phoenix_Ash3s) September 10, 2022
Trader Pheonix, on the other hand, called for a more significant consolidation next, then pulled back to $23,000.
Ethereum is expected to reach $1,900
Of further interest to traders was Ether (ETH), which managed the day before regaining its high since August 19.
Related: Will Bitcoin’s Rally Endure? DXY, SPX, GC and WTI may have the answer.
$1,745 could still be hit, according to popular Twitter account Il Capo of Crypto He arguedbefore the download takes place.
“Going straight to $1800-1900 resistance,” he predicted in a recent update.
“Once this stage is reached, I expect the cover-up to continue. This may be on or before the date of incorporation.
The consolidation on September 15th was already being watched as a potential source of volatility in ETH/USD and beyond.
If the creditor’s payment is interrupted, Mt. Gox typically launches on the same day, and both events come two days after the latest U.S. Consumer Price Index (CPI) inflation reading.
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