• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Technical analysis BTC

Bitcoin Is Facing Down a Critical $30m Sell Wall at $11,000

Nick Chong by Nick Chong
5 months ago
in BTC
Reading Time: 2min read
Bitcoin Is Facing Down a Critical $30m Sell Wall at $11,000
Advertisement

Bitcoin has been inching higher over the past 24 hours as the cryptocurrency market has become correlated with the S&P 500 once again. Both markets are up over the past day, pushing higher on the news that President Donald Trump is seemingly healthy despite contracting the illness spreading around the globe.

If the cryptocurrency moves to $11,000 as many analysts predict it will, though, there is notable order book resistance that could mark an end to the ongoing bull trend.

Related Reading: Ethereum Transaction Fees Surge to All-Time Highs After Uniswap Launch

Bitcoin Faces Critical Order Book Resistance If It Pushes $11,000

Bitcoin is facing down an extreme sell wall at $11,000 on Binance and likely on other leading exchanges.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Crypto-asset analyst Cole Garner, who focuses on order book analysis, noted that there is 2,800 BTC worth of sell orders in Binance’s BTC/USDT order book. That means that there is over $30 million worth of the cryptocurrency that can be sold at that level before the market trades above that level.

Garner suggested that this sell wall may be fuel for “reaccumulation,” as he explained that Bitcoin is the “unstoppable force” meeting the “immovable object.”

Order books, especially those of Bitfinex, have done well to predict BTC’s price action over recent months. For instance, prior to the surge from the $9,000s to $12,000 in late July, there was a series of strong bids on Bitfinex at $8,800 that supported the price and catalyzed a move higher. And near the highs, there were a series of sell orders that managed to mark the top or at least a price close to the top.

Image

Chart of BTC's pirce action over the past few months with order book analysis by Cole Garner (@ColeGarnerBTC on Twitter).
Related Reading: Critical On-Chain Signal Predicts That Bitcoin’s Next Move Will Be Upward

Can Bulls Break Through?

This raises the question of if Bitcoin can break through the $11,000 resistance.

Analysts are confident that it will, despite the order book sell wall it may face at the moment.

One analyst recently shared the chart seen below, which shows that gold is primed to retake a pivotal support level. Gold retaking this level would likely aid BItcoin, as the two markets are correlated.

Image

Chart of gold's price action over the past few months with analysis by crypto trader Bitcoin Jack (@BTC_JackSparrow on Twitter). Chart from TradingView.com
Related Reading: MicroStrategy’s Stock Continues to Soar After BTC Purchase
Photo by Adrian Trinkaus on Unsplash
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Bitcoin Is Facing Down a Critical $30m Sell Wall at $11,000
Tags: bitcoin pricebtcusdBTCUSDTxbtusd
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

bitcoin bid side macro

Bid Side In Bitcoin Disappears Amidst Jittering “Macro Environment”

10 hours ago
bitcoin dollar

Dollar, Divergences, & More: Here’s Why Bitcoin Could Soon Bounce

15 hours ago
Bitcoin

TA: Why Bitcoin Price Is At Risk of A Drop Below $45,000

1 day ago
bitcoin overvalued stock to flow

Bitcoin Currently Overvalued By Stock-To-Flow Standards

1 day ago
bitcoin strong bull coinbase

Coinbase Bitcoin Outflows Are The Strongest Bullish Signal “Ever”

2 days ago
Bitcoin

TA: Bitcoin Consolidates Above $50K Why BTC Could Face Bears At $52K

2 days ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Bitcoin Gaming Platform FreeBitco.in Acquires 3.75 Billion FUN Tokens

February 26, 2021

60-Minute IFO, 187 Times Over-Raised, 40 Times the Price, 98 Million US Dollar Marketcap: Berry Data Has Become a Bright Star on BSC

February 26, 2021

Get Your Brand New Tokens on Defiqa’s Presale

February 26, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.