Bitcoin Sets Record Streak For Bloodliest Weekly Trend yet
25 Mayo 2022 - 01:00PM
NEWSBTC
Bitcoin continues to move sideways in the $30,000 area. The general
sentiment in the market points to extreme fear levels and
uncertainty as to the number one crypto by market cap trades
without clear direction. Related Reading | TA: Bitcoin Price
Moves Higher In Range, $30.6K Still Presents Resistance At the time
of writing, BTC’s price trades at $29,500 with a 1% profit in the
last 24-hours. Per a report from Arcane Research, Bitcoin has been
making history over the past weeks. The current downtrend could be
one of the worst since BTC’s inception as the cryptocurrency
recently recorded its first eight consecutive weeks in the red. The
research firm claims BTC’s price established important support at
$29,000. This level coincides with 2021’s lowest point during the
May-July bearish price action. Therefore, it should operate as
strong support and as an important point to determine any future
price action. If this level fails, Bitcoin could retest the $25,000
mark and the $20,000, which stands as the cryptocurrency’s previous
all-time high. Data from Material Indicators and Jarvis Labs
provides clues about what is brewing in the market after the recent
major move to the downside. During this time, the market usually
enters a long consolidation period as liquidity pools below and
above BTC’s price are formed. Jarvis Labs claimed liquidity at
$40,000 and $45,000 has been increasing in the past two weeks.
Conversely, the liquidity around $28,000 and $25,000 experienced a
surge. Large market participants are usually incentivized to move
the price of a cryptocurrency towards those liquidity pools. This
suggests a potential retest of BTC’s price current lows and
critical support zone to grab liquidity below before the
cryptocurrency can move higher. The opposite could be in the cards.
Who Is Buying The Bitcoin Dip? Additional data provided by Material
Indicators, for low timeframes, indicate important support for
BTC’s price at around $29,000. There are $45 million in bid orders
around those levels, one of the largest supports in recent months.
As seen below, this suggests the bears might have a difficult time
pushing the price of Bitcoin below its current levels. On higher
timeframes, the support at $29,000 seems strong. Material
Indicators record an increase in buying pressure across several
investors. Investors with small bid orders of around $100 to $1,000
(green and yellow in the chart below) and investors with large
orders of around $100,000 have been buying BTC’s current price
action. However, investors with larger orders of over $1 million
(brown in the chart below) appear to be selling. This could be
contributing to BTC’s consolidation. If the whales reduce their
selling pressure, maybe BTC could see some relief towards the
liquidity pools pointed out by Jarvis Labs. However, market
participants should be careful of a potential re-test of $25,000
and $28,000. Related Reading | Bitcoin Price Could Fall To
$8,000, Says Guggenheim CIO Liquidity around those levels could
become more attractive, especially if the price of Bitcoin gets
some relief in the short term.
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