Bitcoin Price Orderbook Shows Resistance At $21,500, Will BTC Retrace?

The crypto marketplace has returned to the greenish with Bitcoin terms pushing northbound of $20,000 aft a terrible rejection from those levels successful August. The marketplace is heading into the weekend, and with 2 large events successful the adjacent fewer days, determination could a spike successful volatility. 

At the clip of writing, Bitcoin terms trades astatine $21,000 with a 10% and 4% nett successful the past 24 hours and 7 days, respectively. Data from Coingecko shows that BTC is overperforming successful the crypto apical 10 by marketplace headdress arsenic different assets lag and contiguous insignificant losses.

BTC’s terms with insignificant profits connected the regular chart. Source: BTCUSDT Tradingview Bitcoin Price Near Overhead Resistance, Can Bulls Push Through?

As Bitcoin flirts with its existent levels, information from Material Indicators (MI) person begun showing liquidity connected the move. The benchmark crypto was capable to capable implicit $15 cardinal successful asks orders arsenic it broke past captious absorption astatine $20,000.

Now, the astir important level of absorption stands astatine $21,500, for the abbreviated term. At those levels, the Bitcoin terms is seeing selling orders stacking from $7 cardinal to astir $12 cardinal successful the past 12 hours. These orders mightiness run arsenic absorption and dilatory down immoderate attempts from the bulls to reclaim higher levels.

BTC’s terms (blue enactment connected the chart) heading into absorption (yellow and reddish supra price) connected abbreviated timeframes. Source: Material Indicators

Material Indicators amusement that the existent terms enactment is being bought by retail investors and by ample investors with buying orders of implicit $100,000. If Bitcoin terms is to amusement a bullish continuation, the second should proceed to bid and enactment the cryptocurrency.

However, investors with $100,000 bid orders person stayed level arsenic BTC’s terms trends to the upside. This hints astatine a imaginable re-test of enactment with $19,500 to $19,800 arsenic imaginable targets to forestall further losses and sphere short-term bullish bias.

Bitcoin Price Critical Levels On Higher Timeframes

Additional information provided by Caleb Franzen, Senior Market Analysis for Cubic Analytics, shows that Bitcoin has displayed a akin terms enactment crossed 2022. In erstwhile months, the cryptocurrency’s downside inclination has been followed by periods of consolidation.

As seen below, these periods person hinted astatine much downside. Thus, it is captious that Bitcoin terms reclaims northbound of $25,000, $28,000, and $32,000, oregon the marketplace hazard a dilatory bleed into caller lows. Franzen said portion sharing the pursuing chart

Bitcoin consolidated for 107 days starting successful aboriginal Q1 2022 earlier breaking down for the adjacent limb lower. The existent consolidation scope has lasted for 83 days. I don’t expect the existent marketplace volition lucifer the 107-day range, but it’s worthy noting that they tin past for a while.

BTC’s terms consolidates aft a downside inclination to resume the bearish momentum crossed 2022. Source: Caleb Franzen via Twitter