Traders Say Bitcoin Price Is Coming Back After ‘Huge’ BTC Long Position Breakout

Bitcoin (BTC) traded in an increasingly tight range on September 6 as bets piled up on an impending breakout.

Binance futures giant surpasses BTC spent

Data from Cointelegraph Markets Pro and TradingView showed that the BTC/USD pair remained below $20,000 for the fourth day in a row as bulls failed to break through resistance.

While many wondered when and how the latest round of consolidation would end, two popular traders on social media noticed a pattern of continued accumulation at the large-scale unknown futures trading entity Binance.

With retail investors selling, this entity spent several days soaking up liquidity, and the result was probably clear.

“Reconnect on,” Il Capo de Crypto predicted as part of an update on the phenomenon, describing the entity’s long BTC position as “huge” and “easily” worth 30,000 BTC or more.

And even more. A big long stand there. Huge.

Bounce coming in. https://t.co/ENOo2HLCXv pic.twitter.com/OiaTagLzZP

— il Capo Of Crypto (@CryptoCapo_) September 6, 2022

And much more. A big long stand there. Huge. Rebound to come. https://t.co/ENOo2HLCXv pic.twitter.com/OiaTagLzZP — il Capo Of Crypto (@CryptoCapo_) September 6, 2022.

“Binance futures have fixed interest at $19,650,” continues JACKIS, another trading account.

“We see the positions filled, the price goes, rises, then a new wave of selling comes, it hits the new orders again and again. It looks like someone is piling hard. »

Binance order book details downloaded on Twitter by Content Indicators, an on-chain monitoring resource, showed that the resistance developed through September 6.

Separately, the Crypto trader Tony warned that cryptocurrencies are exceeding the intraday gains of bitcoin, asking to be careful. Ether (ETH) was up 4% on the day before the September 15 Merge event.

“Bitcoin is not moving while éher and altcoins are moving, which makes sense as people want to make the most of the coming merger,” he said. tweeted.

“But these measures usually end in dumping, when that happens. So be careful. »

The dollar continues to put pressure

On the macro side, the US dollar was once again the center of attention as it hit new multi-year highs against a basket of trading partner currencies.

Also Read: BTC Price Faces Another Crisis Around $20,000

The US Dollar Index (DXY) broke through the 110.55 level on the day before returning to consolidation, leading to further declines in the Euro and Yen.

GM fam. ☕️

This week is all about the $DXY.

If this rising wedge fails, we should get some short-term relief #stock and #crypto.

Resistance test now. $BTC $ETH pic.twitter.com/AUoQGaL14f

— Justin Bennett (@JustinBennettFX) September 6, 2022

Hello my family. ☕️ This week it will be about the $DXY index. If this rising wedge breaks, we should see short-term relief for #stocks and #crypto. Resistance test now. $BTC $ETH pic.twitter.com/AUoQGaL14f — Justin Bennett (@JustinBennettFX) September 6, 2022.

For the year ahead, popular macro analyst account Fejau predicted continued strength in the DXY as Europe’s energy crisis unfolded.

Long thread on Twitter explained September 5 that the Federal Reserve would be facing such a strong dollar that it would have to be artificially deflated.

“We are on the brink of a sovereign debt crisis due to the European energy crisis, all of which are putting a 100-year limit on fiat money,” he said.

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