Bitcoin Price Rally Faces Key Resistance: Will Whale Shorts Trigger A Market Pullback?
19 Setembro 2024 - 9:30PM
NEWSBTC
As the broader cryptocurrency market experiences notable gains
following the Federal Reserve’s rate cuts, Bitcoin (BTC) has
reached a price of $63,670 on Thursday, marking substantial bullish
momentum since late August. This surge has sparked increased
interest from both retail traders and institutional players,
leading to diverse positioning within the market. Divergence In
Trader Strategies According to a recent post on social media site X
(formerly Twitter) by technical analyst InspoCrypto, the recent
price action on the Binance BTC/USDT perpetual futures chart
highlights a strong upward trend, with Bitcoin breaking key
resistance levels around $60,000. Related Reading: Crypto
Analyst Predicts Dogecoin Will Surge 1,000% Past ATH – Price
Targets Revealed The volume accompanying this price rise remains
robust, according to the analyst, indicating solid support for the
ongoing bullish movement. InspoCrypto suggests that while the
market is currently in a bullish phase with no immediate signs of
reversal, potential resistance is anticipated around $64,000 to
$65,000. Insights from Hyblock Capital’s heatmap, reveal
significant differences in positioning between large traders
(whales) and retail investors. The heatmaps show an increase in
long positions among retail traders, particularly in the $62,500 to
$63,500 range. In contrast, whales have been accumulating
short positions below $60,000, suggesting a cautious sentiment
among institutional players despite the short-term optimism among
retail investors toward the largest cryptocurrency on the market.
Bitcoin Faces Key Liquidation Levels At $60,000 And $64,000
InspoCrypto further highlights that open interest in the futures
market has also been rising along with the Bitcoin price,
especially in the $62,000 to $63,500 range, indicating growing
confidence in the bullish trend. In addition, the current
funding rate is positive, suggesting that long positions are
prevalent and traders are willing to pay a premium to maintain
those positions. However, the analyst cautions that a sustained
high funding rate could lead to market corrections as traders
rebalance their positions. Related Reading: Is This The End For
Ethereum Or A Generational Opportunity? Volume remains a critical
indicator of market strength, supporting the bullish rally as it
surpasses the $63,000 mark. Notably, the volume delta is positive,
indicating more buying pressure than selling. However, there are
significant liquidation levels at $60,000 and $64,000, which could
trigger volatility if the market tests these price points. Overall,
InspoCrypto contends that sentiment in the market is moderately
bullish, rated at 7 out of 10. While retail traders appear
confident and are predominantly taking long positions, the
accumulation of shorts by whales signals a potential cautionary
stance. At the time of writing, the industry’s largest
digital asset is trading at $63,300 for the first time since late
August. This represents a 5% increase over the past 24 hours,
coupled with gains of 8% and 12% over the past seven and fourteen
days, respectively. Featured image from DALL-E, chart from
TradingView.com
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