Whales Push Bitcoin Into Narrow Consolidation Range: What To Expect Next
29 Maio 2024 - 6:25AM
NEWSBTC
Recent analytical insights from FireCharts 2.0 are indicating
significant maneuvers by major stakeholders of Bitcoin—often
referred to as “whales”—which are impacting the cryptocurrency’s
price movements. These stakeholders are altering liquidity patterns
in a manner that suggests a strategic push towards a more tightly
controlled trading range. What Bitcoin Whales Are Up To According
to Material Indicators, an advanced trading analytics, there has
been a noticeable adjustment in the distribution of liquidity
within Bitcoin’s order book. Specifically, there is a decrease in
ask liquidity at higher price points, coupled with an increase in
bid liquidity starting from $60,000 to $67,000. This dynamic is set
to compress Bitcoin’s price into a narrower range, a scenario
anticipated by the platform since the digital asset escalated above
$52,000. The discussions about Bitcoin’s price trajectory have been
rife with speculation about a potential pump to $73,000, especially
following its bounce from a low of $52,000. Despite a recent high
near $70,600, which ended in a sharp rejection, the sentiment
remains cautiously optimistic. “There has been a lot of chatter
since late last week calling for a pump to $73k, and there are
legitimate reasons why that is a near term target, and why it is
still possible despite the rejection from $70.6k we saw on Monday,”
noted Material Indicators. Related Reading: Is Mt. Gox A Worry For
Bitcoin? Crypto Analyst Weighs In From a macroeconomic perspective,
Bitcoin’s prospects appear exceedingly bullish. “The outlook for
Bitcoin is literally as bullish as it’s ever been,” said a
representative from Material Indicators during a recent livestream.
They refrained from reiterating the specifics, urging viewers to
revisit the previous week’s analysis for a deeper understanding. In
contrast, the technical analysis paints a more nuanced picture.
Despite the favorable macro outlook, Bitcoin has continuously
failed to confirm a resistance/support (R/S) flip at $69,000—a
crucial level for confirming bullish momentum. This ongoing failure
is emblematic of the bulls’ struggle to maintain upward pressure
and secure a new all-time high (ATH). By integrating order book
data with technical indicators, analysts have observed a
progressive downward movement in blocks of ask liquidity, from
initial placements around $75,000-$76,000 to recent figures near
$70,000-$71,500. Looking forward, the pivotal question is: how low
can Bitcoin realistically go before finding substantial support? To
address this, analysts at Material Indicators turn to a combination
of technical analysis and real-time order book data. The
convergence of Bitcoin’s 21-Day, 50-Day, and 100-Day Moving
Averages around $65,000-$66,000 offers a compelling case for
potential support. The 21-Day MA, in particular, is favored for its
historical reliability as both resistance and support. Related
Reading: Why The Bitcoin Halving Is Not Priced In And What’s Next:
Expert Order book data corroborates this analysis, showing a
strengthening of ask liquidity resistance above $70,000, while bid
liquidity is strategically placed down to as low as $58,000. The
largest concentrations of bid liquidity indicate the strongest
support at $60,000 and $65,000, with somewhat lesser support around
$66,000 and $67,000. Despite the complex interplay of factors in
the near term, the long-term perspective remains overwhelmingly
bullish. The essential query for the market is when, not if, a
legitimate breakout will take place. Observations from the order
book show more than $200 million in asks stacked from $71,000 to
$75,000, juxtaposed with around $90 million in bids between $65,000
and $67,000. If ask liquidity does not thin out, bid liquidity will
need to strengthen significantly to trigger a sustainable break
into the $70s. According to Material Indicators, the most favorable
scenario would see Bitcoin establish a firm consolidation range
above $65,000, validate an R/S Flip at $69,000, and stabilize above
this level before aiming for a new ATH. Such a development would
not only confirm the bullish trend but also pave the way for
sustained upward momentum based on the current order book trends
and technical analyses. This trajectory, they suggest, would
provide the healthiest market progression in light of the existing
conditions. At press time, BTC traded at $67,832. Featured image
created with DALL·E, chart from TradingView.com
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