At the time of writing, Bitcoin (BTC) trades at $20,000 with a 1% loss in the last 24 hours.<\/p>\n As a pseudonym trader pointed out, Bitcoin whales are currently buying into BTC\u2019s price action and could be hinting at a future relief bounce. The trader used data provided by Material Indicators to show what the different investors’ classes are doing while BTC records losses.<\/p>\n As seen below, investors with bid orders of about $100,000 (purple in the chart below) have increased their buying pressure as almost every other and smaller investor class sells into this price action. This divergence could hint at a bounce as these BTC whales often anticipate or create price trends. The pseudonym trader explained<\/a>:<\/p>\n Whales (purple) are market buying while #bitcoin price is flat. Historically, purple is the most important class for future price action. Clear divergence, hopefully it will play out this time.<\/p><\/blockquote>\n Bitcoin whales (brown in the chart) also saw a small uptick in buying orders as BTC returns to the area of around $20,000. This investor class has been mostly dormant in the current market environment, but their recent involvement highlights the importance of BTC\u2019s current levels.<\/p>\n In that sense, Material Indicators records massive bid orders for BTC\u2019s price around this area from $19,900 to $20,000. There are over $20 million in bid order on these levels alone with an additional $6 million at around $19,500, and over $10 from $19,000 to $19,000.<\/p>\n In other words, there seems to be enough liquidity for Bitcoin to hold at its current levels for the time being.<\/p>\n At higher timeframes, additional data provided by Material Indicators records an important liquidity zone between $17,000 and $20,000. Large market participants could attempt to push down the price to fill these orders which could hinder the bulls\u2019 attempts to save the monthly candle.<\/p>\n Analysts from Material Indicators wrote:<\/p>\n Bulls are defending the 2017 Top, but with one day to go it’s going to be almost impossible to print a green Monthly candle. Still a chance for green on the Weekly. Expecting volatility. One way or another, Bitcoin is going to breakout or breakdown very soon.<\/p><\/blockquote>\n Related Reading |\u00a0<\/strong>Extreme Fear Remains: Recapping What\u2019s Behind The Crypto Market Panic<\/a><\/strong><\/p>\n The analysts expect a potential relief in the coming days after a potential retest of the yearly lows. Any bullish thesis would be invalidated if BTC loses $17,500.<\/p>\n Trend Precognition is flashing a pretty strong Long signal on the #BTC<\/a> Weekly chart. Signal won't print until the W candle closes, but indicates that we could see a run at the 200 WMA this week. Happy to test the lows first. For me, sub $17.5k invalidates. #NFA<\/a> pic.twitter.com\/hvs1as44qG<\/a><\/p>\n — Material Indicators (@MI_Algos) June 28, 2022<\/a><\/p><\/blockquote>\n![\"Bitcoin](\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/06\/Bitcoin-BTC-BTCUSD-18.png?resize=860%2C376\")
![\"Bitcoin](\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/06\/Bitcoin-BTC-BTCUSD-1-MI.png?resize=460%2C239\")
![\"Bitcoin](\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/06\/Bitcoin-BTC-BTCUSD-2-MI.png?resize=460%2C239\")
Can Bitcoin The Bitcoin Bulls Score A Green Monthly Candle<\/h2>\n
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