On September 10, bitcoin (BTC) looked to break above the August resistance as whale buying levels demanded bitcoin price action.
Whales provide a short-term price cap
Data from Cointelegraph Markets Pro and TradingView showed that the BTC/USD pair hit new multi-year highs at $21,671 on Bitstamp.
The pair benefited from a tightening of short positions that began early on September 9, rallying around 10% after hitting their lowest levels since late June.
By analyzing events, an on-chain monitoring resource Whalemap noted that whaling merchant groups had effectively allowed bitcoin to floor.
$19,000 had previously been an area of high interest for buyers, so it was not used when they visited the two-month lows.
As Cointelegraph reports, two more key areas of support for the whale are found at $16,000 and $13,000.
“Whale support at 19,000 worked almost perfectly on the downside,” said the Whalemap team.
“The closest resistance is now $21,543 according to whales.”
An accompanying chart showed the significance of the $21,000 corridor that the BTC/USD pair traded that day. As well as being of interest to whales, this area acted as support in mid-August before becoming resistance.
“Bitcoin is still facing resistance and is likely to consolidate here,” said declared Michaël van de Poppe, founder and CEO of trading firm Eight, to his Twitter followers during the day.
“I want the top to be taken away and there to be some consolidation. What will happen in between? We will likely see altcoins pull strongly. »
After this impressive move, it would be quite logical (does that ever apply to bripto?) to chill here
The sweep of LTF has already happened, momentum is falling bit by bit
Yew $BTC yes ~ 20.7K, then I think we will run this to 23K later#Bitcoin pic.twitter.com/s852sVRmF6
—Phoenix (@Phoenix_Ash3s) September 10, 2022
After this impressive move, it would be quite logical (does this sometimes apply to Britto?) to rest here. The LTF sweep is already done, the momentum is slowly falling. If $BTC is at ~20.7K, I think we can reach 23K later #Bitcoin pic.twitter.com/s852sVRmF6 — Phoenix (@Phoenix_Ash3s) September 10, 2022.
Meanwhile trader Pheonix predicted further consolidation and a subsequent move back to $23,000.
Ethereum is expected to hit $1,900
Traders were also interested in Ether (ETH), which hit its highest level since August 19 before falling back.
Also read: Will the bitcoin rally last? DXY, SPX, GC and WTI may have the answer
The popular Twitter account is Il Capo of Crypto supported that the $1,745 could still be hit, before a decline takes effect.
“We are heading straight for the $1800-1900 resistance,” he warned in a new update.
“I expect further weakness once this level is reached. It could be the day of the merger or the day before. »
The Merger, scheduled for September 15, was already seen as a potential source of volatility on the ETH/USD pair and beyond.
It is theoretically expected that repayments from creditors of the stock exchange Mt. Gox on the same day, and both events will come two days after the release of the latest US consumer price index (CPI).
The views and opinions expressed herein are solely those of the author and do not necessarily reflect those of Cointelegraph.com. All investment and trading involves risk. You should do your own research before making a decision.
