{"id":548443,"date":"2023-08-23T01:00:37","date_gmt":"2023-08-23T01:00:37","guid":{"rendered":"https:\/\/wncen.com\/?p=548443"},"modified":"2024-06-11T08:06:08","modified_gmt":"2024-06-11T08:06:08","slug":"bitcoin-chicken-game-why-losing-this-level-could-send-btc-back-to-20000","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-chicken-game-why-losing-this-level-could-send-btc-back-to-20000\/","title":{"rendered":"Bitcoin Chicken Game: Why Losing This Level Could Send BTC Back To $20,000"},"content":{"rendered":"

The price of Bitcoin has stalled again around its current levels as an explosion in downside volatility broke critical support. The cryptocurrency is trapped between major players waiting and positioning for the next move; which side will prevail in this battle?<\/strong><\/p>\n

Related Reading: Bitcoin On-Chain Data Suggests Price Is Top Heavy, What It Means<\/a><\/div>\n

As of this writing, Bitcoin trades at $26,000 with sideways movement in the last 24 hours. In the previous seven days, the cryptocurrency recorded a 12% correction which has severely impacted other assets in the sector, notably XRP and Binance Coin (BNB), which recorded losses north of 15% in the same period.<\/p>\n

\"Bitcoin
BTC’s price trends to the downside on the daily chart. Source: BTCUSDT on Tradingview<\/strong><\/a><\/figcaption><\/figure>\n

Retail Traders Likely To Push Bitcoin Price Lower?<\/h2>\n

In a report<\/a> from Bitfinex Alpha, an analyst points out the influence of the derivatives sector on the spot Bitcoin price. Last week, BTC\u2019s volatility was compressed, declining into historical lows, but a negative delta (high selling pressure) persisted, moving the price lower.<\/p>\n

At the time, Bitcoin dropped enough to trigger a liquidation cascade, which was potentially worsened by a prominent trader being forced out of their position on a crypto exchange, the report speculated. The chart below shows that Open Interest in the derivatives sector followed BTC\u2019s price action.<\/p>\n

\"Bitcoin
BTC’s Open Interest follows declining price. Source: Bitfinex Alpha<\/figcaption><\/figure>\n

This market dynamics left Bitcoin in its current state. Analysts from Material Indicators called<\/a> it a \u201cgame of chicken\u201d between prominent players waiting to see if enough liquidity will be added to support the current levels or if the selling pressure will return.<\/p>\n

The analysts indicated that the BTC price orderbook is the thinnest in 6 months while adding<\/a> the following:<\/p>\n

(\u2026) we are seeing small amounts of bid liquidity ladder up from $20k closer to the active trading zone, but no liquidity of any size (new or moved) has been stacked into the range defending price from a Lower Low. Needless to say, printing a LL in this TF has macro implications. Printing 2 LLs would push #BTC down to sub $20k levels.<\/p><\/blockquote>\n

Material Indicators showed<\/a> that when the price of Bitcoin broke below critical support, most of the selling was done by relatively small traders. However, whales likely used small selling orders to reduce slippage and push prices down to current levels.<\/p>\n

Related Reading: 3rd Biggest Bitcoin Stash Now Belongs To Unknown Wallet, Amassed In Over 3 Months<\/a><\/div>\n

A similar scenario seems likely if the BTC price slowly bleeds into critical support triggering another liquidation cascade. In the meantime, the number one cryptocurrency seems bound to carry on its game of Chicken between large players.<\/p>\n

Cover image from Unsplash, chart from Tradingview<\/p>\n","protected":false},"excerpt":{"rendered":"

The price of Bitcoin has stalled again around its current levels as an explosion in downside volatility broke critical support. The cryptocurrency is trapped between major players waiting and positioning for the next move; which side will prevail in this battle? Related Reading: Bitcoin On-Chain Data Suggests Price Is Top Heavy, What It Means As of this writing, Bitcoin trades at $26,000 with sideways movement in the last 24 hours. In the previous seven days, the cryptocurrency recorded a 12% correction which has severely impacted other assets in the sector, notably XRP and Binance Coin (BNB), which recorded losses north of 15% in the same period. Retail Traders Likely To Push Bitcoin Price Lower? In a report from Bitfinex Alpha, an analyst points out the influence of the derivatives sector on the spot Bitcoin price. Last week, BTC\u2019s volatility was compressed, declining into historical lows, but a negative delta (high selling pressure) persisted, moving the price lower. At the time, Bitcoin dropped enough to trigger a liquidation cascade, which was potentially worsened by a prominent trader being forced out of their position on a crypto exchange, the report speculated. The chart below shows that Open Interest in the derivatives sector followed BTC\u2019s price action. This market dynamics left Bitcoin in its current state. Analysts from Material Indicators called it a \u201cgame of chicken\u201d between prominent players waiting to see if enough liquidity will be added to support the current levels or if the selling pressure will return. The analysts indicated that the BTC price orderbook is the thinnest in 6 months while adding the following: (\u2026) we are seeing small amounts of bid liquidity ladder up from $20k closer to the active trading zone, but no liquidity of any size (new or moved) has been stacked into the range defending price from a Lower Low. Needless to say, printing a LL in this TF has macro implications. Printing 2 LLs would push #BTC down to sub $20k levels. Material Indicators showed that when the price of Bitcoin broke below critical support, most of the selling was done by relatively small traders. However, whales likely used small selling orders to reduce slippage and push prices down to current levels. Related Reading: 3rd Biggest Bitcoin Stash Now Belongs To Unknown Wallet, Amassed In Over 3 Months A similar scenario seems likely if the BTC price slowly bleeds into critical support triggering another liquidation cascade. In the meantime, the number one cryptocurrency seems bound to carry on its game of Chicken between large players. Cover image from Unsplash, chart from Tradingview<\/p>\n","protected":false},"author":535,"featured_media":548444,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,78790],"class_list":["post-548443","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusdt"],"acf":[],"yoast_head":"\nBitcoin Chicken Game: Losing This Level Could Send BTC Back To $20,000<\/title>\n<meta name=\"description\" content=\"The price of Bitcoin (BTC) has stalled again around its current levels as an explosion in downside volatility broke critical support.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/wncen.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Chicken Game: Why Losing This Level Could Send BTC Back To $20,000","url":"http:\/\/wncen.com\/news\/bitcoin-chicken-game-why-losing-this-level-could-send-btc-back-to-20000\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-chicken-game-why-losing-this-level-could-send-btc-back-to-20000\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/Bitcoin-Price-BTC-BTCUSDT-8.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/Bitcoin-Price-BTC-BTCUSDT-8.jpg?fit=640%2C427"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusdt"],"dateCreated":"2023-08-23T01:00:37Z","datePublished":"2023-08-23T01:00:37Z","dateModified":"2024-06-11T08:06:08Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Chicken Game: Why Losing This Level Could Send BTC Back To $20,000\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-chicken-game-why-losing-this-level-could-send-btc-back-to-20000\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-chicken-game-why-losing-this-level-could-send-btc-back-to-20000\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/Bitcoin-Price-BTC-BTCUSDT-8.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/Bitcoin-Price-BTC-BTCUSDT-8.jpg?fit=640%2C427\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusdt\"],\"dateCreated\":\"2023-08-23T01:00:37Z\",\"datePublished\":\"2023-08-23T01:00:37Z\",\"dateModified\":\"2024-06-11T08:06:08Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/Bitcoin-Price-BTC-BTCUSDT-8.jpg?fit=640%2C427","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/548443","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=548443"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/548443\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/548444"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=548443"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=548443"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=548443"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}