Bitcoin price after the recent rejection from $21,800 plunged hard below $20,000 and still struggles hard to regain above these levels. However, the BTC price has successfully created a bullish divergence in the daily time frame that may assist the price in stabalize a significant upswing.
On the other hand, big resistance levels are set at $19,500 and a daily close above these levels may lay down important upward price action. Conversely, the liquidation price of WBTC on Celcius has been lowered for the second consecutive time from around $11,000 to $8,839.
Will this impact the BTC price rally inversely?
As seen in the chart, the BTC price is swinging within a symmetrical triangle in a 4-hourly timeframe. While it is on its way towards the apex, a couple of upswings & plunges may make their way out. However, by the end of the week, the BTC price is expected to undergo an extreme price movement, irrespective of the direction. A breakout may elevate the price beyond the crucial resistance at $22,800 & a breakdown could test the lower support again.
Also Read: Avalanche(AVAX) Price Breaks the Descending Trend, Will it Make it to $30 this Month?
Indicators that Point to a Huge Price Action for BTC Price!
Traders in recent times appear to have lost faith in exchanges and hence are just withdrawing them rigorously. However, the outflow from the exchanges has recorded 150K BTC, which is the single largest outflow as of now.
However, it cannot be certain said that these BTC may be liquidated but the recent crisis on the other platforms may have triggered this move. On the other hand, miners are reportedly accumulating BTC again from the last few days of June. It may be due to prices being pretty less to sell that may not accommodate their mining cost.
But holding the asset during the bearish trend could halt the descending trend and assist the price to accumulate strength. However, these indicators do not flash any bullish or bearish signal but eventually signal a steep price action irrespective of the direction is underway for Bitcoin (BTC) price.