Bitcoin price charges higher, but whales line up to sell BTC at $20K
Bitcoin (BTC) staged a welcome comeback after the Sept. 28 Wall Street open as bulls faced off with whale-sized sellers.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD gaining over $1,000 on the day to see highs of $19,656 on Bitstamp.
The move characteristically copied an uptick for United States equities, with the S&P 500 and Nasdaq Composite Index up 1.5% and 2.2%, respectively.
Now, analysis warned that the area of around $20,000 was still flush with large-volume traders eager to continue profit-taking.
The BTC/USD chart on major exchange Binance “shows brown Mega Whales dumping into BTC support to minimize slippage,” analytics resource Material Indicators commented.
An accompanying snapshot confirmed the bulk of resistance lying in wait at just below the $20,000 boundary.
“Let's see if $19.5k holds to set up another potential run at the R/S flip zone ~$20k,” Material Indicators added.
To the downside, meanwhile, analyst Maartunn, a contributor to on-chain analytics platform CryptoQuant, noted a large area of bid interest between $18,000 and $18,500.
This was worth around $65 million as of Sept. 28, potentially forming a cushion of support.
As Cointelegraph reported, the area below June’s $17,600 low is conversely devoid of bid support, opening up the potential for a cascade toward $12,000.
In terms of the strength of the current bounce, traders were skeptical, with popular Twitter account Cheds cautioning on exposure with “bulls starting to celebrate.”
At the time of writing, BTC/USD traded around the $19,500 mark.
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