Bitcoin (BTC) is starting a new war between support and resistance. Meanwhile, BTC price approached $20,000 at today’s Wall Street opening. With support and resistance levels at the spot price, BTC/USD has less and less room for consolidation. In addition, whale positions are located at these levels.
Whale levels pretty close
Data from TradingView shows that BTC/USD is stuck in a tight trading range. It also reveals that liquidity is approaching an important point during the day. In fact, BTC managed to recover its 6% loss compared to the previous day. Then the support and resistance levels were almost shoulder to shoulder. The order book data makes this clear. According to on-chain tracking resource Whalemap, there are a number of whale positions between $20,546 and $21,327. Accordingly, the whale positions mean that the aforementioned levels are now an area that must be beaten. Also, buyer interest hovers around $19,200. The interest also includes whale positions formed after BTC/USD slumped to $17,600 in Q2. However, popular trader Pierre shared his views on the BTC price:
“D1 is closing above 20.5k and maybe we will finally retest the D1 trend. We were warned a few weeks ago, the price of Bitcoin was preparing for many cuts like in May. In addition, the D1 trend would catch the price. This is exactly what we have so far. Actually I just want a proper D1 trend retest. The last one was $32,000.”
If Bitcoin breaks the resistance, it can go to these levels
Bitcoin is trading around $20,200 at the time of writing. Thus, it is moving just below an important line on the lower timeframes. For popular trader Michaël van de Poppe, breaking this level has the potential to open the way above the $23,000 resistance. Meanwhile, industry news has had little impact on BTC price action. The bankruptcy filing of crypto exchange Voyager Digital sets the main agenda. It’s also the latest in a chain reaction triggered by the collapse of credit platform Celsius.
dollar took a breather
At time of writing, Hong Kong’s Hang Seng is down 1.2% and the Shanghai Composite Index is down 1.4%. As a result, Asian markets lost value in macro terms. However, the US dollar index (DXY) bounced back to two-year highs. As we have reported as Kriptokoin.com, the DXY indicator reveals the strength of the dollar against other currencies. Accordingly, the indicator is consolidating above 106, just below the peak. “This is the first time we’re seeing a serious correction in DXY,” said Van de Poppe. This correction is a consolidation after a long bullish run,” he added.
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