Cryptocurrency
Bitcoin whales on the defense, this is how BTC could climb to new highs
Bitcoin whales on the defense, this is how BTC could climb to new highs: (NewsBTC) After spending weeks moving sideways, BTC price seemed to be close to a new high. However, the cryptocurrency seems to be stuck just below the resistance level at $60,000. Analyst Ben Lilly has published a report in which he determines […]
Bitcoin whales on the defense, this is how BTC could climb to new highs:
(NewsBTC)
After spending weeks moving sideways, BTC price seemed to be close to a new high. However, the cryptocurrency seems to be stuck just below the resistance level at $60,000.
Analyst Ben Lilly has published a report in which he determines what has caused the stalemate and how BTC has a “bullish combination” for the following weeks. The analyst has registered large sell walls near current levels. This, he claims, is part of a whale of a strategy to “attract” liquidity.
They do this by stalling prices near a breakout. Then after releasing the valve a bit, they can liquidate those built up as well as the newly added positions.
The key to an exit of the stock from the current price is the “unlocking” of a large amount of BTC from Grayscale’s fund could give bullish momentum. These unlockings will begin to occur in late April, the analyst says:
To me this continued sideways scenario makes the most sense given how quickly we have climbed since last week… But when it comes to bitcoin, if those walls get lifted and the fake out/liquidity grab maneuver does not take place… then we’re off to the races.
BTC is trading at $58,858 with 1.2% gains in the 24-hour chart and 5.6% in the weekly chart.