A Notorious BID Wall in Bitcoin Trying to Push Price Above $25,000, Can BTC Go Higher?
February 21 2023 - 02:00PM
NEWSBTC
Bitcoin has failed another attempt to climb above the $25,000 mark,
falling to the $24,600 level. BTC price action has been
consolidating above the 24,500 level and experiencing a sideways
movement for the past five days. The research and data
analysis firm Material Indicators (MI) has found a “Notorious
B.I.D,” a wall comprised of bids or buy orders on crypto exchange
Binance, trying to push the price of Bitcoin above the possible
last resistance to reach new yearly highs, as noted on a Twitter
post. Related Reading: XRP Whale Moves $19.7 Million Away
From Binance, Bullish Sign? As reported yesterday by NewsBTC,
Material Indicators has spotted a big whale running the Binance
order books, spreading the ask liquidity from the $25-25.5K levels
and narrowing the resistance zone. From a technical analysis
perspective, the $25,000 roof should serve as a local top,
according to MI. As seen above, the Notorious B.I.D will attempt to
waste the $25,000 resistance level has also failed and trapped the
price of Bitcoin within the range formed last week. For now,
Bitcoin is trying to hold the support level of $24,000 to avoid
another pullback to the $23,000 zone. Material Indicators
stated: The Notorious B.I.D. wall moved again. IMO, until we
see full candles above the 200 WMA, this is still distribution in a
bear market rally, and with the bid wall above $24k, shorting from
this level has about as much short-term risk as longing. Can
Bitcoin Overcome The Next Resistance? The $25,000 resistance level
for investors has been a “hard nut to crack” after four failed
attempts. Bitcoin’s recent rally was primarily driven by increased
stablecoin supply on exchanges. These altcoins were used to buy
Bitcoin, allowing the price action to regain previously lost
territory in the 2022 bear market. But does Bitcoin have enough
fuel to overcome the next resistance? According to a Twitter post
by research and data analysis firm Blofin, there are more ask
orders than bid orders reflected in the order flow. This indicates
that the selling power among the bears is strong and that the
Bitcoin price action may not be able to break through the upcoming
resistance in the short term. Related Reading: Fetch AI (FET)
Soars 12% On Partnership With German Tech Giant This may mean that
all hope is not lost for the bears. Bitcoin must completely break
the bearish structure to establish a bullish trend. The price may
retest the previously conquered levels if Bitcoin breaks below the
$24,000 support level. BTC is currently trading at $24,500, a loss
of 1.3% in the last 24 hours. As the hours go by, so do Bitcoin’s
gains at the beginning of the year. In the seven-day timeframe,
Bitcoin is still in the green with an increase of 12.7%, and in the
30-day timeframe, BTC holds gains of 8%, which is a significant
decline after an intense uptrend price action. Featured Image from
Unsplash, chart from TradingView.
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