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Bitcoin price holds $10.5K but a $30M sell wall looms overhead

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In response to Cole Garner, a well-respected on-chain analyst, there’s a 2,800 BTC promote wall on Binance. With Bitcoin (BTC) worth presently buying and selling at $10,700, that is equal to a batch of promote orders value $30 million on only one trade.

Whereas it doesn’t essentially point out {that a} market-wide pullback is imminent, it hints {that a} main rally stays unlikely. Within the brief time period, BTC possible faces a low-volatility vary between $10,500 and $11,000, two key assist and resistance ranges.

BTC/USD chart showing a 2,800 sell wall at Binance

BTC/USD chart displaying a 2,800 promote wall at Binance. Supply: Cole Garner, TradingLite

The max ache situation for Bitcoin and high cryptocurrencies is taking part in out

Previously two years, Bitcoin recorded web adverse returns within the fourth quarter. Some attribute this to cyclical actions whereas others counsel it’s purely coincidental.

As Bitcoin heads into the fourth quarter there are a number of macro dangers that might decelerate its momentum. These components embrace a extremely contentious presidential election, a pandemic-induced financial droop, and the wrestle of U.S. shares.

Atop the adverse basic components that might apply stress on BTC, technicals counsel the likelihood of a breakout stays low.

For example, the large promote wall on Binance is certainly one of many technical causes {that a} volatility spike is unlikely and presumably why Bitcoin worth has been unable to push by way of the resistance degree at $11,000.

A number of positives are, Bitcoin has additionally vigorously defended the $10,500 assist degree up to now week and the digital asset’s technical construction and sentiment usually are not bearish. Slightly, they’re impartial and level towards an accumulation part.

Based mostly on the latest Bitcoin worth development and the big Binance promote wall, Garner emphasised that reaccumulation would possibly happen. He stated:

“Binance with a 2800 BTC sellwall at $11k. Unstoppable power meets the immovable object. Welcome to re-accumulation.”

Though technical components would possibly trigger BTC to commerce sideways between $10,500 and $11,000, business executives say Bitcoin’s fundamentals stay overwhelmingly constructive.

Rafael Schultze-Kraft, the chief technical officer at glassnode, stated Bitcoin has “large room to develop.”

Bitcoin Market Cap to Thermocap Ratio

Bitcoin Market Cap to Thermocap Ratio. Supply: Glassnode

He cited the Market Cap to Thermocap Ratio, which reveals BTC is nowhere near marking a high. Schultze-Kraft noted:

“The Market Cap to Thermocap Ratio means that #Bitcoin has large room to develop from right here. It has not even began to indicate the sharp improve that’s typical in bull markets. Present ranges are a complete order of magnitude away from earlier $BTC tops.”




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