As BTC price action continues in a very familiar trading range, traders are looking for volatility triggers. Meanwhile, the data reveal surprising results. Accordingly, Bitcoin whales lurk at some price levels. The leading cryptocurrency was rejected from the key whale trading space in the solid trading range. Here are the details…
Bitcoin price preparing for a breakout
The Bitcoin price chart reveals that the leading coin made two attempts to break $20,400. But the data showed that both attempts were rejected. The price surpassed $20,000 during the week and neither the bulls nor the bears have been able to create a significant trend change. However, that seems about to change for popular cryptocurrency analyst Michaël van de Poppe. Emphasizing the upcoming US unemployment data, the analyst said that he expects the price to move heavily from now on.
Another trader, Cheds, pointed to the narrowing Bollinger Bands on the BTC daily chart. The analyst claimed that volatility will likely start to increase given the bands.
US dollar index (DXY) enters consolidation
Meanwhile, interesting developments have emerged in the DXY indicator, which is closely related to the Bitcoin price. The overall macro picture was delicately balanced before the Wall Street opening. As we reported on Kriptokoin.com, the US dollar has particularly consolidated after recouping some of its previous losses. DXY remained stable above 112 at the time of writing. This score is just two points below the highest levels of the last 20 years. If DXY continues to rise in the long run, this will have negative consequences for the BTC price.
Bitcoin whales lurk at these levels
The overnight BTC price action confirmed a theory already published by on-chain analytics resource Whalemap. Data focusing on whale trading levels showed that $20,380 would be an important area to clear. According to the data, clearing the area around this level will pave the way for a higher run. Speaking on the subject, Whalemap shared:
“Bitcoin price support has never changed since the $30,000 drop. Currently, this support is located at $19,174. Established by whale wallets on June 18, 2022, this level emerged with a staggering 101,300 BTC. However, next to the $20,380 resistance, there is another resistance at $21,543. For BTC to continue its upward price action, it must first break above $20,380.”
Meanwhile, Bitcoin has tried to reclaim the aforementioned $20,380 twice. However, both of these failed. Each rejection BTC received from whales at $20,380 caused the price to fall back below $20,000. Currently, the pressure created by BTC whales is holding the price in the resistance area.
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