Volume games – The price of Bitcoin (BTC) is recovering, but the bullish continuity is complicated by a former support, which is now a barrier. Nonetheless, the queen of cryptocurrency seems to want massive whale support, on an essential level.
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Reaction to this key level for Bitcoin price
Bitcoin price is holding above $19,000 today, September 8, 2022. The cryptocurrency is rising as high as $19,447 on Bitfinex. She trades at $19,371 at the time of writing this article. The markets are currently entitled to a doji.
The platform Material Indicators shared a chart showing trading volumes around $19,000, while Bitcoin retests this level.
Markets are keeping a close eye on that $19,000, where whales “started to trade more than usual” on the downside to that level, according to data from Whalemap.
Bitcoin price: towards a local bottom at $19,000 thanks to whales?
Are the whales buying or selling their cryptocurrencies, are they planning to do either of these trades at $19,000? CryptoQuant on-chain analyst Maartuun shared a chart, which shows “huge whale transfers between crypto exchanges”
As the chart shows, the 30-day moving average of transfers from all exchanges to derivatives exchanges has experienced a sharp increase. Maartuun points out that “a higher or increasing amount” indicates an increase in the number of whales “depositing on derivatives exchanges”.
These deposits could be interpreted as a positive signal from the whales, which open long-term positions, and which try to protect their positions, “ by forming a local bottom “.
Bitcoin price plagued by further declines in the face of low volumes
While the whales therefore appear to be contributing to a defense of $19,000, analyst Matthew Hyland shared a 4-hour chart of Bitcoin price, which shows the cryptocurrency trading above an uptrend line, for about 48 hours.
Matthew Hyland specifies the existence on these recent fluctuations, of “a lot of red volume”, of ” low volume on the way back as well as Bitcoin’s inability to recross former support around $19,500.
Given these parameters, is Bitcoin then about to lose this uptrend line, and thus begin to further declines from the latter in the very short term?
How far will the rally take the price of Bitcoin? The cryptocurrency must make a breakthrough above $19,500, so that the markets can hope for either a consolidation of the gains of the past few days after the recovery of $19,000, or an imminent reconquest of $20,000.
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