Bitcoin continues to ‘reflect’ 2017 as it made its third attack at $25,000 over the weekend. A fresh increase in the weekly close for the BTC price comes with doubts about the intentions of large-volume Bitcoin traders.
Analysis warns of whale movements
TradingView data showed that Bitcoin (BTC) reached $25,038 on Bitstamp. Overtime trading continued to see bulls press for a key support-resistance shift. This marks the beginning of a large resistance cloud containing several long-term trend lines. With everything to play until the weekly close, the atmosphere among traders was tense.
Popular trader Josh Rager wrote on Twitter, “Market price action can usually only be relied upon towards the daily close. Other than that, I should hope it stays within the current range,” he shared. Analyzing Binance order book activity, Material Indicators warned that large volume players continue to manipulate the spot price by moving their bid and demand levels.
Material Indicators said, “The infamous BTC buy wall has moved again! It seems they are trying to push the price into their will. If they can attract enough buyers to clear $25,000, $26,000 has little friction and $30,000 thin air. No clue how long they can do this. I am happy to play together, he shared.
At the time of this writing, with more than six hours until the weekly candle close, volatility continued to return to the spot markets.
Bitcoin has a ‘big move’ next week!
Meanwhile, the longer-term outlook has caused calm throughout the day for the trading package Decentrader. Comparing the current price behavior to Bitcoin’s previous four-year halving cycle, the firm argued that everything actually conforms to historical norms.
Along with an explanatory chart, “The recent move from $17,000 to $23,000 matches the 1,000-day move in 2017. The price changed and moved slightly higher for 30 days and then made another big move of roughly equal size. If Bitcoin continues to reflect 2017, we could be in for a big move this week,” he shared.
Decentrader CEO Filbfilb also stated that $180,000 upstream is the ‘target’ for BTC. In this context, he added, “I’ll review later with rational, but this is the short form.”
Analyst warns of long liquidations for Bitcoin
Crypto analyst Justin Bennett is giving a warning to Bitcoin holders, saying that BTC could see a series of long liquidations in the near future. The analyst says that he believes Bitcoin is likely trading in an expanding wedge pattern and could recover to around $20,000 after hitting the diagonal resistance of the formation. In this context, he makes the following statement:
It’s a little higher than I thought we could see, but I still think we’re getting a pullback from BTC.
Bennett also states that billions of dollars of long positions are waiting to be liquidated below $20,800. This suggests that market makers can push the Bitcoin price down to take advantage of the deep liquidity area. “Over $100 billion (yes, billions) worth of BTC long futures remained untouched at $20,800. What could that mean?” he asks.
Meanwhile, Bennett sees a significant corrective move for Bitcoin, while fellow analyst Rekt believes that BTC could prepare for a major breakout on the monthly timeframe. Accordingly, he says, “I am looking forward to the next few months for BTC.”
Looking at the analyst’s chart, it seems to suggest that BTC could reflect the price action of late 2014 and early 2019. Either way, Bitcoin broke out of a descending triangle pattern before finally breaking through a key diagonal resistance. In the short term, Rekt predicts that Bitcoin could retest the resistance around $23,300 before continuing the current uptrend. In this context, he notes:
BTC successfully retested the converging resistance area on the daily chart. However, there could be another drop in the same region after the weekly close. This creates a healthy technical retest setup, but this time on the weekly timeframe.
Will Bitcoin price drop?
cryptocoin.comAs you followed, BTC price saw an increase with the support of the bulls. However, the recent pullback has led several crypto analysts to predict that the Bitcoin price may witness a new drop or a significant correction in the near future. Also, analysts think that the recent rise is attributed to speculative buying and may not be sustained in the long run.
Bitcoin’s price is on the verge of a major breakout and has the potential to create new lows for the month, according to an analysis recently published by analyst nicknamed Hamza. After that, the 5 wave sequence for the Bitcoin price chart shows signs of successful completion. His analysis also supports the hypothesis that Bitcoin could break the $20,000 mark and continue to decline further.
The same thing has been voiced by some other experts in the market. The analyst, nicknamed Crypto Capo, stuck to his view on the possibility of Bitcoin returning to the $12,000 levels.
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