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Bitcoin Price BTC BTCUSDT
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Bitcoin Sellers Out Of Ammo? BTC Price Hangs By A Thread At $28,500

Reynaldo Marquez by Reynaldo Marquez
1 month ago
in Bitcoin News
Reading Time: 2 mins read

The price of Bitcoin is finally on the move after weeks of being stuck in a tight trading range. The number one cryptocurrency by market cap stands at support with the potential for another re-test of the lows if bulls cannot push it higher.

Related Reading: Polygon: New Partnership With Korean Telecom Giant Fails To Halt MATIC Slide

As of this writing, Bitcoin trades at $28,500 with a 2% loss in the past 24 hours. Over the previous week, the cryptocurrency recorded a 3% loss, while other assets in the top 10 underperformed and trended lower. The nascent industry could be a short-term crossroads.

Bitcoin price BTC BTCUSDT
BTC’s price trends to the downside on the daily chart. Source: BTCUSDT Tradingview

Bitcoin Price Loses $29,000 Level, But A Recovery Is Likely?

As NewsBTC has been reporting, Bitcoin’s volatility reached a multi-year low after all major narratives previously influencing it diminished its strength. Now, the spike in volatility favored the downside, but how much pressure can the bears exercise?

According to a CryptoQuant analyst, the recent price action marks one of the highest in recent months. As seen in the chart below, the last time that Bitcoin saw similar selling pressure was in late July. The analyst stated:

This marks the strongest surge in selling since July 15th. It wouldn’t be surprising to witness the pinnacle of selling pressure at this very moment.

Bitcoin price BTC BTCUSDT Chart 2
BTC price selling pressure at similar levels that in late July 2023. Source: @JA_Maartun on X

As seen in the chart above, the price of Bitcoin bounced back from support each time that sellers pushed into the current levels, as measured by the Net Taker Volume. However, sellers could still push the metric into the July 15th levels and induce a capitulation event.

There is some evidence to support the above. The chart below shows that BTC’s long positions have fueled the downside price action by providing liquidity and accelerating the fall.

Bitcoin price BTC BTCUSDT Chart 3
BTC record high liquidity below its current levels, the potential for more downside? Source: TheKing_Fisher
Related Reading: Ethereum Price Takes a Bit Hit: Main Reasons $1,720 or $1,650 Are Likely Targets

If this continues, Bitcoin could continue trending downwards into the liquidity pool created by long positions at $27,000 and $24,700 if bulls give it. On the latter, crypto analytics firm Material Indicators noted:

Bitcoin price and liquidity continuing to erode and a critical test of support is eminent. IMO… Losing $29k would be purely psychological. Losing $28.5k would be technical. Holding $28.3k is critical. Losing the buy wall at $27.9k would cause a cascade.

Cover image from Unsplash, chart from Tradingview

Tags: bitcoinbtcBTCUSDT
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Reynaldo Marquez

Reynaldo Marquez

As an editor at NewsBTC, Reynaldo is an experienced journalist passionate about all things crypto. Reynaldo has interviewed key industry leaders, and created unique pieces analyzing the promise of crypto as the next frontier for an economic and social transformation of humanity. Since 2018, he has been at the forefront of the industry, closely following every major development and analyzing critical events at the heart of the crypto industry. With a keen eye for detail and an unwavering commitment to excellence, Reynaldo has been instrumental in bringing the latest news and insights to the crypto community. Outside of work, Reynaldo enjoys lifting weights and literature, which he believes gives him a unique perspective into the world of crypto. As an aspiring trader, he is always looking for new opportunities to explore and believes that crypto holds the key to unlocking the future of finance.

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