• 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
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
  • 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
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Bitcoin price featured image
Nexo Logo

There’s a Colossal $40M Sell Wall Preventing Bitcoin From Crossing $10,000

Nick Chong by Nick Chong
2 years ago
in Bitcoin
Reading Time: 2 mins read
Advertisement

The price action over the past few days has undoubtedly been positive for Bitcoin. After bottoming at $8,180 on the day of the block reward halving, the cryptocurrency has shot higher, approaching $9,900 just hours ago.

With the price now consolidating around $9,800, analysts are hopeful that BTC will break past $10,000. Yet market data indicates that there’s a building sell wall at the key psychological and technical level that may halt any rally.

Bitcoin Sell Wall Worth Dozens of Millions Could Halt Rally

According to order book data of Bitfinex’s BTC/USD market shared by a popular crypto trader, there’s a massive block of orders looking to sell Bitcoin around $10,000 that may be hard to break past.

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

Bitfinex’s order book suggests that from $9,900 to $10,600, there is ~4,200 Bitcoin worth of sell orders, most of which are clustered around $10,000-10,200. That means on one exchange alone, there is over $40 million worth of sell-side pressure if the cryptocurrency attempts to rally past $10,000.

Chart from Majin (@Majinsayan on Twitter), a crypto trading.
Order book (BTC/USD) screenshot from Majin (@Majinsayan on Twitter), a crypto trading.

Similarly, another trader noted two days ago that according to market data, there is 2,461 BTC worth of sell orders at $10,000 on Binance and 500 BTC worth of sell orders at $10,000 on Bitstamp.

It is unclear if the aforementioned sell walls on these other exchanges exist, but it is clear deep pockets are hesitant to let Bitcoin pass $10,000.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Dangerous Precedent

Over $40 million in sell orders may not seem like a lot in a market where dozens of billions of dollars worth of cryptocurrency changes hands each day. But the last time Bitcoin saw a sell wall similar to the current one, it crashed.

As reported by NewsBTC previously, on May 9th the cryptocurrency encountered a massive $30 million sell wall from the price of $10,010 until $10,230.

Bitcoin sell walls
Chart from Nik Yaremchuk, a former analyst at crypto fund Adaptive Capital. It indicates there’s massive selling pressure building above the Bitcoin price.

In the two days after this sell wall was encountered, the cryptocurrency plunged $2,000, crushed as bulls failed to surmount that key level.

Bitcoin Will Eventually Break Past It

Despite these fears of a sell wall halting a Bitcoin rally, analysts remain optimistic, citing the technical outlook.

One prominent trade, for instance, recently shared the chart below. It indicates that despite the correction over the past few days, Bitcoin remains above a key resistance: the downtrend that was formed after BTC topped at $14,000 in 2019. This is a positive time, he suggested when he wrote:

“Zooming out on the three-day chart we can clearly see the downtrend from the 14k high is already broken and we are simply consolidating and retesting here.”

Price chart from @SmartContracter on Twitter, a prominent cryptocurrency trader. The chart depicts Bitcoin breaking past the downtrend that has been in place since the bull market top at $14,000 in 2019.
Price chart from @SmartContracter on Twitter, a prominent cryptocurrency trader. The chart depicts Bitcoin breaking past the downtrend that has been in place since the bull market top at $14,000 in 2019.
Featured Image from Lucas Law on Unsplash
Tags: $10000bitcoin pricebitfinexbtcusdsell wallxbtusd
Tweet123Share196ShareSend
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

Why Bitcoin Could Return To $28,000, But By The End Of 2022

4 hours ago
$15k Possible Bottom For Bitcoin? “Delta Cap” Says So

$15k Possible Bottom For Bitcoin? “Delta Cap” Says So

7 hours ago
bitcoin bear

New Bitcoin Record Paints Incredibly Bearish Picture As BTC Struggles At $19,000

9 hours ago
Bitcoin

Why Bitcoin Could Collapse Another 50%, Says Michael “Big Short” Burry

10 hours ago
Crypto Market Loses $60 Billion As Bitcoin Dips Below $20,000

Crypto Market Loses $60 Billion As Bitcoin Dips Below $20,000

10 hours ago
Bitcoin

Bitcoin Sees Worst Quarter In 11 Years

11 hours ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
BC.Game

BC.Game

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
BC.Game

BC.Game

Review · Visit

Crypto To Add The Best Gains To Your Portfolio For Bull Market: Gnox (GNOX), Cronos (CRO) And NEAR Protocol (NEAR)

July 1, 2022

U Promise Me: The Digital Promise Platform

July 1, 2022

XT.com Lists Land of Fantasy (LOF) With USDT Trading Pair

July 1, 2022

LYOTRADE Launches Crypto Loans—Get USDT and Win Against Volatility

July 1, 2022

Torches Genesis NFT Launching, Win Torchlight NFT to Unlock IDO Allocation

June 30, 2022

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

Crypto Prices from Nomics

Cryptocurrency news

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

© 2021 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
  • Play Games
  • Bet & Win

© 2021 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.