BTC Price Approaches $21.7K As Whales Boost Bitcoin ‘Almost Perfectly’
Bitcoin (BTC) attempted to topple August resistance on September 10 as whale buying levels dictated BTC price action.
Whale provides short-term price ceiling
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD hit new multi-week highs of $21,671 on Bitstamp.
The pair took advantage of a brief squeeze that began early on September 9, taking it around 10% higher after hitting its lowest levels since late June.
Analyzing events, chain monitoring resource Whalemap noted that clusters of purchases from whales had effectively allowed Bitcoin to floor.
$19,000 had been a high-volume zone of interest for buyers earlier, and thus remained unbroken during the visit to the two-month low.
As Cointelegraph reported, two other key whale support zones lie at $16,000 and $13,000.
“Whale support at 19k worked almost perfectly on the upside,” commented the Whalemap team.
“$21,543 is now the nearest resistance according to whales.”
An accompanying chart showed the importance of the mid-$21,000 corridor where BTC/USD performed on the day. In addition to being of interest to whales, the zone served as support in mid-August before turning into resistance.
“Bitcoin is still resting in resistance and probably consolidating here,” Michaël van de Poppe, founder and CEO of trading company Eight, told Twitter followers on the day.
“I would like to see the high swept and then a consolidation. What happens in between? We will probably see altcoins take off strongly.”
After this impressive move, it would be quite logical (does that ever apply to bripto?) to cool down here
LTF sweep has already happened, momentum is falling bit by bit
If $BTC holding ~20.7K, then I think we’ll run this to 23K later#Bitcoin pic.twitter.com/s852sVRmF6
— Phoenix (@Phoenix_Ash3s) 10 September 2022
Trader Pheonix, meanwhile, called for a more extensive consolidation, followed by a return to $23,000.
Ethereum is expected to reach $1,900
Of further interest to traders was Ether (ETH), which managed its highest since August 19 the day before the retracement.
Related: Will Bitcoin’s Rally Sustain? DXY, SPX, GC and WTI may have the answer
$1,745 can still be beaten, the popular Crypto Twitter account Il Capo arguedbefore a comedown took hold.
“Going straight to $1800-1900 resistance,” he predicted in a recent update.
“I expect a bearish continuation once this level is reached. This may be on or before the merger date.”
The merger, due on September 15th, was already widely seen as a potential source of volatility on both ETH/USD and beyond.
Creditor reimbursement from closed stock exchange Mt. Gox to begin on the same day, and both events will come two days after the latest consumer price index (CPI) inflation data from the US.
The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trade involves risk, you should do your own research when making a decision.
