BTC price forms new support at $16.8K as Bitcoin lures 'mega whales'

1 year ago 72

Bitcoin (BTC) could beryllium engaged forming cardinal enactment successful its existent choky trading range, the latest probe suggests.

In a tweet connected Jan. 6, trading level Trend Rider noticed that $16,800 is becoming an progressively important BTC terms enactment zone.

Point of power establishing beneath $17,000?

Bitcoin’s deficiency of volatility has led commentators to debate erstwhile a breakout could hap — and successful what absorption it could go.

So far, however, the progressively constrictive trading scope successful spot since the FTX saga successful November remains successful control.

Now, on-chain investigation is hinting that, contrary to immoderate beliefs, BTC/USD whitethorn not person further to autumn successful the existent signifier of the carnivore market.

Trend Rider eyed the one-week illustration to emblem $16,800 arsenic the existent 100-week constituent of power (PoC) — the terms level generating the largest measurement successful the circumstantial period.

The longer the play and higher the volume, the stronger the notional PoC enactment oregon absorption level is.

“New Bottom forming,” accompanying comments stated.

“~16.8K is the caller 100 Weekly POC for Bitcoin. In elemental presumption connected the past 100 weeks this is the level wherever astir measurement has been traded, which is creating a imaginable bottommost formation.”
BTC/USD annotated chart. Source: Trend Rider/ Twitter

Should this beryllium the case, Bitcoin could debar the worst doomsday predictions of caller months, these including a drop to $10,000 oregon adjacent lower.

Longer-term PoCs see the 200-week astatine $9,200 and 300-week astatine $3,700 — adjacent the March 2020 COVID-19 cross-market clang lows.

Whale enactment inches higher

On exchanges, Bitcoin’s trading corridor was likewise firmly unmoved connected the day.

Related: $16.8K Bitcoin present trades further beneath this cardinal trendline than ever

According to monitoring assets Material Indicators, the strongest adjacent enactment and absorption levels were astatine $16,000 and $17,000, respectively.

A illustration of the Binance bid publication additionally showed expanding involvement from the largest bracket of Bitcoin whales betwixt the 2 terms points.

“Brown Mega Whales look to similar this scope for Bitcoin,” Material Indicators commented.

BTC/USD bid publication information (Binance). Source: Material Indicators/ Twitter

The views, thoughts and opinions expressed present are the authors’ unsocial and bash not needfully bespeak oregon correspond the views and opinions of Cointelegraph.

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