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Bitcoin (BTC) tried to overturn the August resistance on September 10th.
Cointelegraph Markets Pro and TradingView It showed BTC/USD hit a new multi-week high of $21,671 on Bitstamp.
The pair took advantage of the short squeeze that started early on September 9, rising about 10% after reaching their lowest level since the end of June.
under analysis At the event, on-chain monitoring resource Whalemap pointed out that clusters of buy-ins by whales have effectively allowed Bitcoin to set a floor.
$19,000 used to be a high volume zone of interest for buyers, so it did not breach during the visit to two-month lows.
Two other important whale support zones are $16,000 and $13,000, as reported by Cointelegraph.
“Whale support worked almost flawlessly on 19k,” commented the Whalemap team.
According to whales, $21,543 is currently the closest resistance.
The attached chart shows the significance of the mid-$21,000 corridor BTC/USD acted on the day. In addition to being interesting for whales, this zone acted as support in mid-August before turning into resistance.
Michael van de Poppe, founder and CEO of trading firm Eight, said: Said Twitter followers of the day.
I want the highs to be wiped out and then consolidated. What happens in between?
After this impressive move, it makes a lot of sense to cool down here (does that apply to Blipto too?).
The LTF sweep is already happening and the momentum is slowly declining
If $BTC Holds ~20.7K. After that I think I run this to 23K.#bitcoin pic.twitter.com/s852sVRmF6
Phoenix (@Phoenix_Ash3s) September 10, 2022
Meanwhile, trader Pheonix next called for a significant consolidation and then a return to $23,000.
More interesting for traders is Ether (ETH), which hit its highest level since Aug. 19, the day before the retrace.
RELATED: Will Bitcoin Rally Sustain? DXY, SPX, GC and WTI May Have the Answer
$1,745 Can Still Be Lost, Popular Twitter Account Crypto’s Il Capo claimedbefore the comedown took hold.
It will go straight to the $1,800 to $1,900 resistance, he predicted in the latest update.
Once this level is reached, we expect continued bearishness, which could be before the merger date.
Scheduled for September 15th, The Merge was already highlighted as a potential source of volatility for ETH/USD and beyond.
Payments to creditors from the defunct exchange Mt. Gox are conceptually scheduled to begin on the same day, and both events coincide with the latest U.S. Consumer Price Index (CPI) inflation data. It will be done in 2 days.
The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. All investment and trading movements involve risk. You should do your own research when making a decision.
