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Friday, May 19, 2023

Bitcoin Price Has Reached A Springboard Platform Of $23K

The price of Bitcoin went on to approach the Wall Street open on the 6th of July near $20,000 as a fresh war between resistance and support looms on the horizon.

According to data that was collected from TradingView and Cointelegraph Markets Pro, it was understood that the exchange had been wedged in quite a tight range of trading with the liquidity coming in closer every single day. After the cryptocurrency recovered its losses of 6% from the day before, the order book data went on to confirm that the resistance and the support were almost shoulder-to-shoulder. Now, according to the on-chain monitoring resource Whalemap, a cluster of the whale positions between the sums of $20,546 and $21,327 did imply that the large area was definitely the zone that had to be beaten. 

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Bitcoin Might Be Seeing An Improvement In Price

Pierre, a popular trader, also went on to tweet a fresh update that the D1 close above 20.5k could potentially see a retest in the D1 trend. They also tweeted that they had already warned a few weeks back that this was quite similar to setting up the price back in May for a lot of chops while the D1 trend went on to catch down with the price. Currently, it did feel like this was exactly what they got in the end. With the price being set at $20,200, the Bitcoin exchange that was traded immediately moved on to a position below an important line in the sand on lower timeframes. 

As it turns out, news from the cryptocurrency industry didn’t really have a major impact on the price action of Bitcoin, with the news coming in the form of Voyager Digital filing for bankruptcy. This seemed to be the latest domino that would herald a chain reaction that was sparked by the breakdown of the lending platform Celsius.

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