Bitcoin Price Ranges Form Key Resistance as Bulls Lose $24,000
Strong whaling activity between $22,000 and $24,800 adds to the complexity of the current spot market setup.
Market Update
Bitcoin (BTC) consolidated lower on August 9 after familiar resistance held a multi-month trading range.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView showed that BTC/USD fell below $24,000 overnight after rejecting near $24,200.
The pair had made quick gains at the start of the week, but the momentum faded as the top of the trading range in place since mid-June approached.
So the bulls failed to regain ground or even reach the highs seen at the end of July, so the status quo continued. At the time of writing, BTC/USD is consolidating near $23,800.
For the on-chain analysis resource Whalemap, a price was achieved which now formed major levels to overcome.
In an August 8 Twitter update, Whalemap, which monitors the buying and selling of high-volume players to establish likely strong support and resistance areas, highlighted various price points at which the supply of BTC globally evolved for the last time.
An attached chart breaks down realized price by wallet size and shows at what price BTC belonging to particular whales last left their wallet.
“The realized price ranges are currently the main element of resistance for Bitcoin,” the Whalemap team wrote in the accompanying comments.
"Crossing $24,825 with confidence and consolidating should be key to continuing higher."
Annotated chart of price slices realized by Bitcoin . Source: Whalemap/Twitter
Strong whaling activity between $22,000 and $24,800 adds to the complexity of the current spot market setup.
Market Update
Bitcoin (BTC) consolidated lower on August 9 after familiar resistance held a multi-month trading range.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView showed that BTC/USD fell below $24,000 overnight after rejecting near $24,200.
The pair had made quick gains at the start of the week, but the momentum faded as the top of the trading range in place since mid-June approached.
So the bulls failed to regain ground or even reach the highs seen at the end of July, so the status quo continued. At the time of writing, BTC/USD is consolidating near $23,800.
For the on-chain analysis resource Whalemap, a price was achieved which now formed major levels to overcome.
In an August 8 Twitter update, Whalemap, which monitors the buying and selling of high-volume players to establish likely strong support and resistance areas, highlighted various price points at which the supply of BTC globally evolved for the last time.
An attached chart breaks down realized price by wallet size and shows at what price BTC belonging to particular whales last left their wallet.
“The realized price ranges are currently the main element of resistance for Bitcoin,” the Whalemap team wrote in the accompanying comments.
"Crossing $24,825 with confidence and consolidating should be key to continuing higher."
Annotated chart of price slices realized by Bitcoin . Source: Whalemap/TwitterWhat's Your Reaction?
