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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

There’s a $15 Million Bitcoin Sell Wall Stopping $11,500 From Breaking

Nick Chong
Nick Chong
1 year ago
3 mins read
Bitcoin

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Bitcoin is pushing higher after correcting as low as $10,600 on Tuesday. As of the time of this article’s writing, the asset trades for $11,200 — a price point nearly 20% higher than that seen seven days ago and one 3% higher in the past 24 hours.

Analysts believe that this small rally is a precursor to a break of the ongoing consolidation to the upside.

Yet according to order book data shared by a trader, Bitcoin may have trouble resolving higher as it faces strong resistance.

Related Reading: Crypto Tidbits: Ethereum Surges 20%, US Banks Can Hold Bitcoin, DeFi Still in Vogue

Bitcoin Could Have Trouble Breaking Past $11,500

On Monday, Bitcoin’s rally topped out at $11,500. It isn’t clear why that is but that level has been a historically important technical level for the leading cryptocurrency.

As BTC has begun to inch higher over recent hours, traders are looking for Bitcoin to break past $11,500 to sustain the uptrend.

According to order book data shared by a trader, this may be a tall ask of buyers, though. According to a chart of BTC’s recent price action with the Order Book Dominance Bands indicator, there is approximately $15 million worth of sell orders from $11,300-11,500 preventing upside. This data pertains to Bitfinex.

Image

Chart of BTC's recent price action with the order book dominance bands from trader "Coiner-Yadox" (@yodaskk on Twitter). Custom chart from TradingLite.

There was no order book data from other crypto exchanges shared by the trader.

Bitcoin could rocket past these order book resistances if there is enough buying volume. But it’s important to note Bitfinex order book has had historical accuracy in calling BTC price action.

The same trader shared the chart seen below a bit earlier. It shows that the Bitfinex order book predicted many of Bitcoin’s swing moves over the past five months.

Image

Chart of BTC's recent price action with the order book dominance bands from trader "Coiner-Yadox" (@yodaskk on Twitter). Custom chart from TradingLite.

Bulls in Control?

Some are ignoring the order book, though, arguing that from a pure charting perspective, Bitcoin bulls are in control.

As reported by NewsBTC, one trader shared that as long as BTC holds $10,500, its outlook is bright:

“$btc consolidating above a pretty key breakout level. price contracting, volume declining, seems bullish, continuation soon,” he wrote, referencing the macro importance of $10,500. $10,500 is the price point that Bitcoin failed to cross above on three separate occasions over the past 12 months: once in October, once in February, and once in early June.

Image

Chart of BTC's recent price action by trader SmartContracter (Twitter handle). Chart from TradingView.com

The trader who made this assertion is the same who predicted that Bitcoin would bottom 2018’s bear trend at $3,200.

Related Reading: On-Chain Metric Signals the BTC Market Isn’t Overheated: Why This Is Bullish
Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from Tradingview.com
There's a $15 Million Bitcoin Bull Wall Stopping $11,500 From Breaking
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Nick Chong
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.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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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.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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