Bitcoin Holds On To $20k As Whale Pressure Controls Resistance

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Indicators On The Charts Suggest A Potential Breakthrough

The Bitcoin price remains contained inside a trading range that is all too familiar. Investors are keeping a keen eye out for events that might spark a period of increased volatility. There are indications on the charts that point to a possible breakthrough.

Throughout the week, the price of the pair has moved back and forth around the $20,000 level. But neither the bulls nor the bears have been able to disrupt the pattern seriously.

Michal van de Poppe, also the co-founder of Eight, remarked that should we see that situation improve, we hope. On that day, he sent out a tweet to his followers. 

He heralded the release of new employment statistics for the United States. Writing: “Big day today, unemployment data coming out.”

After then, “I expect that there will be a major change in pricing.”

Because the daily chart for BTC/USD revealed that the Bollinger Bands were contracting. Trader Chess concurred that volatility was on the horizon.

The macroeconomic environment remained reasonably calm just before the opening bell on Wall Street. With the U.S. dollar index (DXY) stabilizing after rebounding from previous losses. It was a positive sign for the stock market.

The DXY was trading at over 112 when at the time of publication. Just around two points away from its 20-year high.

The “Staggering” Amount Of Support For Whales Is Confirmed

Meanwhile, the behavior of the Bitcoin price during the previous night provided support. For a notion that was released by the on-chain analytics site Whalemap.

The significant bear market rise toward $19,000. It has been seen in Bitcoin’s price behavior on several occasions.

According to information focusing on whale buy and sell levels. The zone around $20,380 would have to be conquered before a push higher could commence.

“So far, the barrier around $20,380 (due to a whale accumulation of 20,200 BTC) has been performing well.” The team behind Whalemap noted in private comments to Cointelegraph. “The recent rejection is near to the dollar, right.”

Since we cut our financing from 30,000 dollars, we haven’t seen any change in the amount of support we get. It was established on June 18, 2022. At a time when whale wallets had gathered a staggering 101,300 BTC and now have a value of $19,174. 

As it turned out, Bitcoin’s price could not break through twice. It continued to decline until it was trading below $20,000.

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