{"id":5513,"date":"2020-11-21T22:00:52","date_gmt":"2020-11-21T22:00:52","guid":{"rendered":"https:\/\/www.newsbtc.com\/?p=450480"},"modified":"2020-11-21T22:00:52","modified_gmt":"2020-11-21T22:00:52","slug":"heres-where-a-bitcoin-bear-whale-has-put-up-a-massive-sell-wall","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/heres-where-a-bitcoin-bear-whale-has-put-up-a-massive-sell-wall\/","title":{"rendered":"Here\u2019s Where a \u201cBitcoin Bear Whale\u201d Has Put Up a Massive Sell Wall"},"content":{"rendered":"

Bitcoin’s price action as of late has greatly favored buyers, with the cryptocurrency being caught within the throes of an intense bout of sideways trading just below $19,000 as buyers try to garner enough buy-side pressure to break through this level.<\/p>\n

The selling pressure here has been intense, but it has yet to catalyze any type of intense selloff throughout the past few days.<\/p>\n

This seems to point to immense underlying strength amongst buyers and may indicate that near-term upside is imminent. If bulls can break above this level, they may face some resistance around $19,300 before they can push the crypto to new all-time highs.<\/p>\n

One trader is noting that there is a Bitcoin<\/a> “bear<\/a> whale” that has sell orders placed at this level, which may prove difficult to surmount upon the first attempt.<\/p>\n

That being said, one analyst explained in a recent tweet that he is expecting Bitcoin to break above this resistance and set fresh all-time highs in the near-term.<\/p>\n

Bitcoin Shows Signs of Strength as Bulls Target $19,000<\/strong><\/h2>\n

At the time of writing, Bitcoin<\/a> is trading up marginally at its current price of $18,750. This is around where it has been trading throughout the past few days.<\/p>\n

A strong break above $19,000 could catapult BTC to fresh all-time highs, as the resistance in the lower-$19,000 region level is the last resistance seen before $20,000. Once it sets new all-time highs, the media cycle and retail “FOMO” could send it rocketing even higher.<\/p>\n

Because of the current strength being projected by Bitcoin, it does seem like a clean break above this level is imminent.<\/p>\n

Once new all-time highs are set, it may enter a price discovery mode that results in it seeing significantly further upside.<\/p>\n

This “Bear<\/a> Whale” May Slow BTC’s Ascent<\/strong><\/h2>\n

While sharing his thoughts on where Bitcoin might trend in the near-term, one analyst explained that he is watching for a move to all-time highs.<\/p>\n

He also notes<\/a> that there is a “bear<\/a> whale” that is putting up some serious sell walls at $19,300.<\/p>\n

\n

“Longed BTC: Chad Bear<\/a> Whale is resting at $19.3k and needs relieved of his corns. But more importantly, we have an all time high to make.”<\/p>\n<\/blockquote>\n

\"Bitcoin\"<\/p>\n

Image Courtesy of LedgerStatus. Source: BTCUSD on TradingView<\/a>.<\/pre>\n
Although it may take some time for bulls to chew through these sell orders, it’s clear skies ahead for the crypto<\/a> once this resistance is broken.<\/p>\n
Featured image from Unsplash.\nCharts from TradingView<\/a>.<\/pre>\n","protected":false},"excerpt":{"rendered":"
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