Bitcoin Has a Massive $80M Sell Order, But Breaching it Could Lead to a Rally

Tony "The Bull" Severino

Last Updated: June 11, 2024 7:38 am

3 mins read

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All eyes are on Bitcoin as it brushes up against powerful downtrend resistance, while straddling the top of the current trading range the cryptocurrency has been locked in throughout all of 2019. While a number of crypto analysts and traders are anticipating a rally, a massive sell order has appeared that is currently keeping prices at bay.

However, should Bitcoin price break through the sell wall, it could provide the rocket fuel for the potentially rally to over $5,000 per BTC that analysts are calling for.

Massive $80M Sell Wall Keeps Bitcoin Price at Bay

Crypto holders with massively large amounts of assets or capital are affectionately called whales, for their ability to create massive price movements whenever they surface. Oftentimes, these whales place extremely large – often millions of dollars worth on order – orders called sell walls, with the goal of holding price to a certain area, or to prevent price momentum from breaching resistance.

$BTC There is now an $80 million wall above the price action once again. That is a hell of a wall and fuel to take us higher. This is not a guarantee that the price will go up but it is a guarantee that there are plenty of sellers to move the price up if there are enough buyers. pic.twitter.com/ozbTyjwSuy

— Bleeding Crypto (@Bleeding_Crypto) April 1, 2019

One such whale has placed an extremely large sell order – as much as $80 million dollars – over the current price action as a means to hold Bitcoin’s price at the current level a while longer. These “walls” are sometimes pulled once the whale’s satisfied their selling, or can be used as part of their strategy to spook buyers. Other times the walls are enough to change the direction of a trend, and cause a rally to fail.

However, if this wall is eaten through by buyers, it could provide the rocket fuel Bitcoin needs to breach overhead resistance with gusto, and take the leading crypto into a new trading range, confirming the bear market bottom is behind us.

If Bitcoin Breaks the Wall, What’s Next?

Bitcoin has continued to inch ever closer to powerful overhead resistance both due to a combination of normal horizontal resistance and the downtrend resistance line stemming back from all-time high. Due to the convergence of important lines, the entire crypto market is watching and waiting for the king of crypto’s next major move.

A break of current resistance should fill the overhead volume gap and send Bitcoin to over $5,000, but only if buyers are able to eat through the massive sell wall.

The last time Bitcoin approached the downtrend resistance line, was back in November of 2018. The last touch of the line resulted in a violent move downward to the current trading range, where Bitcoin set its current bear market low of $3,200.

Since then, Bitcoin has been ranging, while the world speculates if the bottom is indeed in or not. The next moves for Bitcoin could set the trend over the next six months or longer, depending on the move and how powerful it is. Another drop down could see Bitcoin trying for new lows, while a sharp move up could signal the bear market has concluded, which could spark a new bull run in the cryptocurrency market.

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Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.