$BTC whale sell walls exist at 65k and 68k.
Additionally, a new buy wall has formed below. The support line has strengthened. https://t.co/5Bui511ZvU
$BTC whale sell walls exist at 65k and 68k.
Additionally, a new buy wall has formed below. The support line has strengthened. https://t.co/5Bui511ZvU
$BTC
Price is slowly recovering and climbing up higher,
But the OI and other internals tell a different story here,
OI is rolling over while price is going up, meaning there's no new positions opening to back this move,
Perps had a similar fading move with a recent slow grind up which was backing the price,
Spot is still continuously rolling over as more PA develops, which overall tells that there are still net sellers in control.
There were some shorts liquidations on this move.
Seeing all this, I think the move was mainly caused by leveraged shorts closing and because of thin liquidity, and not genuine demand backing it.
We can clearly see a divergence between price and other internals,
Which tells that, this move is just a temporary grind up and we will still continue to dump lower.
My targets are still the same, 60.6k/59.5k and that's where I will look for swing longs to 65.6k.
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Bitcoin (BTC) is a digital asset and a payment system invented by Satoshi Nakamoto who published a related paper in 2008 and released it as open-source software in 2009. The system featured as peer-to-peer; users can transact directly without an intermediary. Transactions are verified by network nodes and recorded in a public distributed ledger called the blockchain. The ledger uses bitcoin as its unit of account. The system works without a central repository or single administrator, which has led the U.S. Treasury to categorize bitcoin as a decentralized virtual currency. Bitcoin is often called the first cryptocurrency, although prior systems existed. Bitcoin is more correctly described as the first decentralized digital currency. It is the largest of its kind in terms of total market value by now.