RATE Group | Why All Eyes Should Be on the $9,000 Bitcoin Price Level This Week
89092
post-template-default,single,single-post,postid-89092,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Why All Eyes Should Be on the $9,000 Bitcoin Price Level This Week

24 May Why All Eyes Should Be on the $9,000 Bitcoin Price Level This Week

Posted at 12:19h in Bitcoin News by

Last week, Bitcoin (BTC) looked poised for a huge move up to $11,000. Instead, we saw a sidewards week of price action coupled with a small pullback. Has Bitcoin topped out? Is there too much selling pressure around $10K? 

Let’s take a look at what’s happening with the largest cryptocurrency by market capitalization, BTC. 

Daily crypto market performance. Source: Coin360.com

More sellers than buyers 

BTC/USD 1-hour chart. Source: TensorCharts

Bitcoin currently faces huge resistance between $9,500 and $10,005, according to the Binance order book shown on the Tensor Chart heat map above. At present, these sell walls, the bulk of which is represented by the yellow lines, show a total of 1,737 Bitcoin sells vs. 1,351 buys represented by the darker blue lines. 

While this data is only on the Binance BTC/USDT chart, it gives us a good indication that at present there is not enough buying pressure to push BTC/USD above $10K. However it’s important to note that this data changes constantly,…

Source link

Tags:
, , , , ,