When everything is going well, you can count on a lot of support; but when the market is red, the supports give way to a multitude of resistance. Bitcoin (BTC) still apparently has enough strength to defend the 5 digits and even, to possibly restart a bullish rally. However, his strength is severely tested against minors and Whales who do not give him a gift.
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They dig the price of Bitcoin
The price of BTC saw a 3% drop today, September 13, 2020, from $ 10,580 to $ 10,258 on Coinbase, within 9 hours.
This fall would be due to statistics suggesting a potential sale of BTC by minors.
Glassnode data indeed show that the daily average flow of Bitcoins to exchanges, reached a 5-month high of 50,351 BTC.
Source : Image via Twitter
The next few days will show whether there is sufficient market demand to absorb the sales of BTC minors and the resulting pressure, or if applicable, Bitcoin is now forced to return to the 4 digits.
Coinbase potentially holds the key to the revival
Data from Whalemap show that whale clusters are present at the level of 10 570 USD in the short term.
If the Whales believe that Bitcoin is currently in a downtrend, we can expect a massive liquidation at the level of 10 570 USD, the breakeven point of Bitcoins previously accumulated.
The two largest clusters are in reality at the level of 10 570 USD and 11 800 USD in the short term; these levels correspond to areas of main resistance.
However, all is not bad for the BTC ; the latter enjoys a strong probable support at the level of 10,000 USD.
September 11, 2020, the crypto-trader Edward Morra indicates that Coinbase has opened positions of around 2,500 BTC at the $ 10,000 level – $ 10,200.
Such a support at the 5-digit gate would allow the BTC to retest the $ 10,570 following a fall and, potentially break that resistance level.
Will the Whales and the miners eventually change their position, observing the tenacity of the bulls? It hits hard on floors and ceilings: all you have to do is wait to find out which of the 2 will collapse first.