Bitcoin price reaches as high as $21,700 as whales raise Bitcoin ‘almost perfectly’. The data shows that it’s all about buying and selling regions with large volumes in short time frames.
Bitcoin whales expect these levels in the short term
Bitcoin attempted to topple the August resistance on Sept. 10 as whale buying levels dictated BTC price action. Data from TradingView showed that the BTC price hit multi-week highs of $21,671.
BTC gained momentum from a short squeeze on September 9th. Thus, it rose around 10% after seeing the lowest levels since the end of June. On-chain tracking resource Whalemap, which analyzed the events, noted that clusters of purchases made by whales effectively allow Bitcoin to form a foothold.
$19,000 was previously a high volume of interest for buyers. So this was not breached during the visit to two-month lows. Two other key whale support zones are at $16,000 and $13,000. “In 19,000, the whale support worked almost perfectly,” the Whalemap team said.
“According to whales, $21,543 is the closest resistance right now.”
The accompanying chart shows the importance of the mid $21,000 corridor, where Bitcoin price moves throughout the day. In addition to attracting the whales, the area served as support before turning to resistance in mid-August.
Michaël van de Poppe, founder and CEO of Eight firm, told his Twitter followers that day:
Bitcoin is still at resistance and is probably consolidating here. I want to see the highs swept and then consolidation. What happens in between? We’ll likely see altcoins fire up heavily.
After this impressive move, it would be quite logical (does that ever apply to bripto?) to cool off here
LTF sweep already happened, momentum falling bit by bit
If $BTC holds ~20.7K, then I think we'll run this to 23K later#Bitcoin pic.twitter.com/s852sVRmF6
— Phoenix (@Phoenix_Ash3s) September 10, 2022
Meanwhile, crypto trader Pheonix called for more significant consolidation, followed by a return to $23,000.
Analysts expect Ethereum to reach $1,900
Popular crypto analyst Il Capo argued that Ethereum could still hold $1,745 before a drop takes place. “We are heading straight for the $1800-1900 resistance,” he predicted in a recent update. The analyst also said that the upgrade would be effective:
I expect the downtrend to continue once this level is reached. This can happen on or before the merge date.
The merge, which will expire on September 15, is seen as a potential source of volatility. We have discussed the latest developments in this article before rising as Kriptokoin.com.
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