RATE Group | There’s a $8 Million Bitcoin Sell Wall That Will Haunt Any Near-Term Uptrend
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There’s a $8 Million Bitcoin Sell Wall That Will Haunt Any Near-Term Uptrend

02 May There’s a $8 Million Bitcoin Sell Wall That Will Haunt Any Near-Term Uptrend

Posted at 15:56h in Cryptocurrency News by

The price action over the past few days has undoubtedly been positive for Bitcoin. Case in point: the cryptocurrency ripped over 20% higher from the mid-$7,000s to a price as high as $9,500 over the course of 48 hours.

Prices have since consolidated at $8,800, with BTC finding itself stuck between support around $8,500 and resistance at the ever-important level of $9,000.

The consolidation, unfortunately, could result in a further sell-off as an analyst has noted that a large Bitcoin sell wall has formed on Binance.

Sell Wall Could Put Stop to Rallies

Although Bitcoin has been making attempts at rallying higher over the past few hours as of this article’s writing, a top analyst observed that a sell wall consisting of 1,000 Bitcoin — worth over $8 million — has just recently appeared on Binance.

Should BTC fail to catch a bid during any attempt at rallying in the coming hours, it could be strongly rejected by the Binance sell wall, which will act as resistance for the…

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