Bitcoin realized price bands form key resistance as bulls lose $24K

Bitcoin (BTC) consolidated lower on Aug. 9 after familiar resistance preserved a multi-month trading range.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Bitcoin navigates whale price ladder

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD falling under the $24,000 mark overnight after rejecting near $24,200. 

The pair had seen swift gains to start the week but momentum faded as the top of the trading range in place since mid-June came closer.

As such, bulls failed to reclaim new ground or even match the highs seen at the end of July, and the status quo thus continued. At the time of writing, BTC/USD was consolidating near $23,800.

For on-chain analytics resource Whalemap, it was realized price that was now forming major levels to overcome.

In a Twitter update on Aug. 8, Whalemap, which monitors buys and sells of large-volume players to establish likely solid support and resistance zones, highlighted various prices at which the BTC supply on aggregate last moved.

An accompanying chart broke down realized price by wallet size and showed at what price BTC belonging to particular whales last left its wallet.

“Realised price bands are the main thing providing resistance for Bitcoin currently,” the Whalemap team wrote in accompanying comments:

“Confidently getting above $24,825 and consolidating should be key for a continuation higher.”Bitcoin realized price bands annotated chart. Source: Whalemap/ Twitter

As Cointelegraph reported, other support and resistance levels in play this week include the 100-day and 200-week moving averages (MAs).

For popular trader Credible Crypto, a deeper retracement could happen and may involve as low as $23,360 without disrupting even the low-timeframe trend.

Front ran local demand and followed the green path with a break of our red region. That being said, not totally convinced that this ltf corrective structure is complete. Want to see more PA develop. Also will be traveling so won’t be as active for the next few days! $BTC

— CrediBULL Crypto (@CredibleCrypto) August 8, 2022

“Looking for that flip…



Recommended For You

Leave a Reply

Your email address will not be published. Required fields are marked *