Traders Say Bitcoin Price Rebound Is Overdue After 'Massive' Long Position Emerged in BTC
A Binance futures entity has been accumulating for days, and the outcome could be pretty tight, analysts say.
Market Update
Bitcoin (BTC) traded in an increasingly tight range on September 6 as bets piled up on an impending breakout.
BTC/USD 1 hour candle chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView showed that BTC/USD remained below $20,000 for a fourth straight day as bulls failed to break through resistance.
As many wondered when and how the latest round of consolidation would end, two popular traders on social media noticed a trend of continued accumulation by an unknown large-scale Binance futures trading entity.
With retail investors selling, this entity had spent several days soaking up cash, and the outcome was likely obvious.
“Bounce in,” Crypto’s Il Capo predicted as part of an update on the phenomenon, describing the entity’s BTC long position as “massive” and “easily” worth 30,000 BTC or more.
And even more. Big long position there. Huge.
Bounce in. https://t.co/ENOo2HLCXv pic.twitter.com/OiaTagLzZP
— il Capo Of Crypto (@CryptoCapo_) September 6, 2022“There is some interest at $19,650 for Binance futures,” continued JACKIS, another trading account.
"We see the positions filled, the price goes up, then a new wave of selling comes in, hits the new orders again and starts again. Looks like someone is hoarding hard."
Data from the order book of Bi...
A Binance futures entity has been accumulating for days, and the outcome could be pretty tight, analysts say.
Market Update
Bitcoin (BTC) traded in an increasingly tight range on September 6 as bets piled up on an impending breakout.
BTC/USD 1 hour candle chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView showed that BTC/USD remained below $20,000 for a fourth straight day as bulls failed to break through resistance.
As many wondered when and how the latest round of consolidation would end, two popular traders on social media noticed a trend of continued accumulation by an unknown large-scale Binance futures trading entity.
With retail investors selling, this entity had spent several days soaking up cash, and the outcome was likely obvious.
“Bounce in,” Crypto’s Il Capo predicted as part of an update on the phenomenon, describing the entity’s BTC long position as “massive” and “easily” worth 30,000 BTC or more.
And even more. Big long position there. Huge.
Bounce in. https://t.co/ENOo2HLCXv pic.twitter.com/OiaTagLzZP
— il Capo Of Crypto (@CryptoCapo_) September 6, 2022“There is some interest at $19,650 for Binance futures,” continued JACKIS, another trading account.
"We see the positions filled, the price goes up, then a new wave of selling comes in, hits the new orders again and starts again. Looks like someone is hoarding hard."
Data from the order book of Bi...
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