Bitcoin (BTC) concludes at $87,500 thanks to operations by one or more whales, the new analysis says.
Latest market coverage by trading resource material indicators on March 20th reveals why BTC/USD is stuck in its current range.
“Spoofy Whale” is due to the price range of BTC
Bitcoin hit a two-week high of $87,500 on March 20th, while still maintaining $80,000 in support for more than a week.
Despite following a wide range of volatility across risk assets, BTC/USD could have been even higher if you were not working with a large number of trading entities in Exchange Order Books.
Looking at Binance, the global trading platform, the material indicator claimed that the Ask Lifisity shift blocks beyond the price are fixed in certain areas.
“If you’re wondering if Bitcoin’s price has yet to ralliate past 87.5k and above $87.5k, the reason is summarised in X’s post.
Liquidity data for BTC/USDT order book. Source: Material Indicator/X
The accompanying chart shows that the liquidity in question is currently at $89,000. It also tracks the class of investors’ orders and shows everything except the variance of the largest “whale” transactions.
Discussing the data, materials indicators suggest that support at the recent large $76,000 low is insufficient as a solid market floor.
The Bitcoin Bulls continue their fight for major trendlines
Meanwhile, popular trader Daan Crypto Trades said the current low time frame area of $84,000 is essential for future bulls.
Related: “Delevall” Bitcoin futures wipes out $100 billion in open interest in two weeks
“The Bulls will want to keep an area of $84,000 to $85,000 to maintain momentum, or they risk visiting these low-liquid clusters.
“The local market structure is about to move towards a small uptrend, but the Bulls need to keep it that way, or they’ll be a quick deviance/short stop hunt.”
BTC/USDT liquidation heat map. Source: Daan Crypto Trades/X
Daan Crypto Trades paid further attention to the 200-day simple moving average (SMA) and exponential moving average (EMA). This is a major bull market trend the Bulls are currently trying to flip to support at around $85,000.
BTC/USD 1 day chart. Source: Daan Crypto Trades/X
This article does not include investment advice or recommendations. All investment and trading movements include risk and readers must do their own research when making decisions.
