• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
No Result
View All Result
Breaking News: Dogecoin Surges 6% After Elon Musk Unveils Crypto Payment Master Plan
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Dogecoin Surges 6% After Elon Musk Unveils Crypto Payment Master Plan
Bitcoin Is An alternative To Economic Condition, Says CEO Of Franklin

Bitcoin Whales Increase Selling, BTC Rejected From $20,000

Reynaldo Marquez by Reynaldo Marquez
5 months ago
in Bitcoin
Reading Time: 2 mins read
Advertisement

Bitcoin has been experiencing some volatility over today’s trading session as the price of BTC touches critical resistance levels. The number one crypto by market cap positively reacted to macroeconomic factors, but as the weekend approaches, low levels might lead to sudden price movement.

Related Reading: WATCH: Weekend At Bitcoin’s: Will The Dead Crypto Make A Comeback? BTCUSD September 2, 2022

At the time of writing, Bitcoin (BTC) trades at $19,800 with a 1% profit in the last 24 hours and an 8% loss over the past week. The cryptocurrency saw bullish price action after the U.S. posted important metrics about their economy, but the rally was short lived as BTC stumble below a cluster of selling orders at around $20,400.

Bitcoin BTC BTCUSDT
BTC’s price moving sideways on the 4-hour chart. Source: BTCUSDT Tradingview

Data from Material Indicators shows how the liquidity in the Binance order books has been following the price of Bitcoin. Large players have been setting buy and sell orders as BTC approaches critical levels.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

As seen in the chart below, today’s rejection was triggered by a stack of around $20 million in asks orders as Bitcoin trended to the upside. The price has seen a similar pattern during this week with BTC’s price trending upwards only to experience overhead resistance triggered by a spike in ask liquidity.

Bitcoin BTC BTCUSDT MI 1
BTC’s price sees spikes in sell orders when it approaches $20,500 on lower timeframes. Source: Material Indicators

On the opposite direction, buy (bid) orders have remained relatively more stable with $19,500, $19,000, and $18,000 displaying the most liquidity. These levels will be critical as they will operate as support and prevent BTC’s price from reaching a new yearly low if the market attempts to trend lower.

In that sense, Material Indicators also show an increase in selling pressure from large players. Asks orders of over $100,000 and $1 million have been increasing on lower timeframes and could operate as a short-term hurdle for any potential upside.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

In the U.S., the weekend will be extended until Tuesday due to a holiday. This often leads to spikes in volatility as low volume influence the price action.

What Could Play In Favor Of Bitcoin?

Additional data provided by analyst Justin Bennett indicates a potential rejection of the U.S. dollar as the currency attempts to break above an important flat base. This could lead to reclaim of levels last seen in 2003.

Related Reading: How Low Can Bitcoin Go? Here’s What The Different Price Models Say

However, the currency has been unable to clear the area above 109, as measured by the DXY Index, and a “fakeout” might be in play. Bitcoin and the crypto market have been negatively correlated with the U.S. dollar. Therefore, a rejection might play in favor of the nascent asset class. Bennett said:

So far, it looks like the $DXY was “wrong”. Maybe a pullback to 107 next week if this trend line breaks. That would be bullish for crypto in the short term. But ultimately, I think the USD index heads to 112-113 and probably even higher.

Bitcoin BTC BTCUSDT MI 2
U.S. Dollar facing potential fakeout on the 4-hour chart. Source: DXY Index on Tradingview via Justin Bennett
Tags: bitcoinbtcBTCUSDT
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Reynaldo Marquez

Reynaldo Marquez

Related Posts

Bitcoin

Bitcoin Short-Term Holder Profit Taking Reaches Levels Not Seen Since Nov. 2021

1 day ago
Bitcoin crypto liquidations

Crypto Market Still Reeling As Bitcoin’s Break Above $24,000 Triggers Liquidations

1 day ago
Nigerians buying bitcoin

Are Nigerians Really Buying Bitcoin For As High As $34,000?

2 days ago
Bitcoin Bulls

FED To Put Off Interest Rate Hikes, Bitcoin Rallies: Here’s Why

2 days ago
Bitcoin price hash ribbons

Why Ark Invest Believes Bitcoin Could Emerge As Multi-Trillion Dollar Market

2 days ago
Bitcoin Bear

Stablecoin Supply Approaches Death Cross, Bad News For Bitcoin?

2 days ago

Premium Partners

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Metaspins

Metaspins

Review · Visit
Trust Dice

Trust Dice

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
Coinplay

Coinplay

Review · Visit
mBit

mBit

Review · Visit
Vave

Vave

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
Coinplay

Coinplay

Review · Visit

ApeCoin (APE), Dogecoin (DOGE), and Snowfall Protocol (SNW) – Three Great Coins for NFT Lovers

February 3, 2023

Turn Playtime into Paytime with RankerDAO’s Gaming Crypto Platform

February 3, 2023

Fetch.ai (FET) up 200% in 30 days – Orbeon Protocol (ORBN) Skyrockets by 1400% in Presale

February 3, 2023

Dacxi.com rebrands to Wealth99

February 2, 2023

What Is the Latest in Crypto? Terra Classic Community Approves Crucial Proposal to Resume Terra CLasic (LUNC) Burns, Fetch.Ai (FET) Ranks Among the Top AI Altcoins for Investors In 2023, Snowfall DEX Attracts More Investors to Snowfall Protocol (SNW) with A Week to Official Launch

February 2, 2023

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.

Links

Crypto Prices from Nomics

Cryptocurrency news

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

Technical Analysis

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

Company

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

© 2022 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins

© 2022 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.