Traders say Bitcoin price bounce is overdue after a ‘massive’ BTC long position appears

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Bitcoin (BTC) traded in an more and more slim vary on Sept. 6 as bets piled in over an imminent breakout.

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

Binance futures large sucks in spent BTC

Knowledge from Cointelegraph Markets Pro and TradingView confirmed BTC/USD staying underneath $20,000 for a fourth straight day with bulls failing to crack resistance.

As many puzzled when and the way the most recent consolidation part would finish, two fashionable social media merchants seen an ongoing accumulation development by an unknown large-scale Binance futures buying and selling entity.

With retail traders promoting, that entity had spent a number of days absorbing the liquidity, and the outcome was seemingly apparent.

“Bounce incoming,” Il Capo of Crypto predicted in a part of an replace on the phenomenon, describing the entity’s lengthy BTC place as “large” and “simply” value 30,000 BTC or extra.

“There’s fairly an curiosity at 19,650$ at Binance futures,” fellow buying and selling account JACKIS continued.

“We’re seeing the positions stuffed, the worth goes, up, then a brand new wave of promoting is available in, hit the brand new orders once more and repeat. Appears to be like like somebody accumulating exhausting.”

Order e book information from Binance uploaded to Twitter by on-chain monitoring useful resource Materials Indicators in the meantime confirmed resistance constructing overhead into Sep. 6.

Binance order e book chart. Supply: Materials Indicators/ Twitter

Elsewhere, dealer Crypto Tony warned that altcoins have been exceeding Bitcoin’s intraday positive factors, one thing that known as for warning. Ethereum (ETH) was up 4% on the day forward of the Sep. 15 Merge occasion.

“Bitcoin is not shifting whereas Ethereum and Altcoins transfer, which is smart whereas individuals attempt to benefit from the upcoming merge,” he tweeted.

“However these strikes often finish in a dump, when this occurs. So be cautious.”

ETH/USD 1-hour candle chart (Binance). Supply: TradingView

Greenback retains up strain

On macro, the U.S. greenback was the foremost focus as soon as once more because it hit new multi-decade highs in opposition to a basket of buying and selling companion currencies.

Associated: BTC price sees new $20K showdown — 5 things to know in Bitcoin this week

The U.S. greenback index (DXY) handed 110.55 on the day earlier than returning to consolidate, laying additional waste to the euro and yen within the course of.

In a stark outlook for the approaching 12 months, fashionable macro analytics account Fejau forecast ongoing DXY energy because the European vitality disaster unfolded.

The Federal Reserve, an in depth Twitter thread explained on Sept. 5, would face such greenback energy that it could be essential to tame it artificially.

“We’re about to expertise a sovereign debt disaster brought on by the Europe vitality disaster, all a capstone on the 100 12 months fiat expirement,” it summarized.

The views and opinions expressed listed here are solely these of the writer and don’t essentially replicate the views of Cointelegraph.com. Each funding and buying and selling transfer entails threat, you must conduct your individual analysis when making a call.