{"id":552348,"date":"2023-09-21T18:00:11","date_gmt":"2023-09-21T18:00:11","guid":{"rendered":"https:\/\/wncen.com\/?p=552348"},"modified":"2024-06-11T08:18:08","modified_gmt":"2024-06-11T08:18:08","slug":"why-touching-this-bitcoin-level-could-hold-the-key-for-a-rally","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/why-touching-this-bitcoin-level-could-hold-the-key-for-a-rally\/","title":{"rendered":"Why Touching This Bitcoin Level Could Hold The Key For A Rally"},"content":{"rendered":"

The price of Bitcoin was rejected as it approached critical resistance north of $27,000, and selling pressure continues over today\u2019s trading session. If buyers can\u2019t defend current levels, BTC\u2019s price will likely re-test critical support, but this action could trigger a bounce for the cryptocurrency, according to fresh data. <\/strong><\/p>\n

Related Reading: Bitcoin Enjoys Growing Favorable Conditions, Top Analyst Says<\/a><\/div>\n

As of this writing, Bitcoin trades at $26,650, with a 2% loss in the last 24 hours. Over the previous seven days, the cryptocurrency has recorded sideways price action and underperformed XRP and Toncoin\u2019s TON, which recorded a 5% and 25% profit, respectively, across a similar period.<\/p>\n

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

The Bitcoin Level To Watch If Bears Take Over<\/h2>\n

An analyst crypto research firm Material Indicators shared<\/a> a fire chart showing the most significant liquidity levels for the BTCUSDT trading pair on Binance. On a monthly basis, traders on this venue have been selling the cryptocurrency and moving liquidity below current levels.<\/p>\n

The chart below shows that the Binance orderbook for this trading pair looks \u201cthin.\u201d The analyst claims a \u201csmall buy wall\u201d at around $24,700, which stands as a \u201cline in the sand\u201d that needs to be defended to prevent further downside price action.<\/p>\n

\"Bitcoin
BTC’s price liquidity pool is around $25,000. Will big players be attracted to this level? Source: Material Indicators on X<\/figcaption><\/figure>\n

Liquidity around this critical level is low, but bulls can inject capital to defend the level in case of further downside. If bulls succeed, Bitcoin will likely rally and reclaim previously lost territory.<\/p>\n

Otherwise, bears will have the opportunity to press further on the price, returning it to critical support around $23,000 and $22,000. These levels display even less liquidity than $25,000, which could hint at a deeper correction of \u201cBearadise,\u201d as the analyst called it.<\/p>\n

Additional data provided by trading desk QCP Capital indicates that macroeconomic forces have played a critical role in influencing the price of Bitcoin. Yesterday, the US Federal Reserve (Fed) sent a \u201chawkish\u201d surprise across financial markets, limiting any BTC upside momentum.<\/p>\n

Related Reading: Ethereum Bearish Signal Reappears After Five Years To Threaten ETH\u2019s Price<\/a><\/div>\n

This event had a bearish impact on legacy markets, with the Nasdaq 100 and rates markets breaking \u201csome very key levels,\u201d QCP Capital stated. The trading desk added<\/a>:<\/p>\n

(\u2026) reflexivity can take over with the bearish thesis from here. If we are right, then this macro move could seep into crypto markets and take BTC lower with it (Chart 3), albeit with a lower beta as compared to other very stretched macro markets like the NASDAQ.<\/p><\/blockquote>\n

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

The price of Bitcoin was rejected as it approached critical resistance north of $27,000, and selling pressure continues over today\u2019s trading session. If buyers can\u2019t defend current levels, BTC\u2019s price will likely re-test critical support, but this action could trigger a bounce for the cryptocurrency, according to fresh data. Related Reading: Bitcoin Enjoys Growing Favorable Conditions, Top Analyst Says As of this writing, Bitcoin trades at $26,650, with a 2% loss in the last 24 hours. Over the previous seven days, the cryptocurrency has recorded sideways price action and underperformed XRP and Toncoin\u2019s TON, which recorded a 5% and 25% profit, respectively, across a similar period. The Bitcoin Level To Watch If Bears Take Over An analyst crypto research firm Material Indicators shared a fire chart showing the most significant liquidity levels for the BTCUSDT trading pair on Binance. On a monthly basis, traders on this venue have been selling the cryptocurrency and moving liquidity below current levels. The chart below shows that the Binance orderbook for this trading pair looks \u201cthin.\u201d The analyst claims a \u201csmall buy wall\u201d at around $24,700, which stands as a \u201cline in the sand\u201d that needs to be defended to prevent further downside price action. Liquidity around this critical level is low, but bulls can inject capital to defend the level in case of further downside. If bulls succeed, Bitcoin will likely rally and reclaim previously lost territory. Otherwise, bears will have the opportunity to press further on the price, returning it to critical support around $23,000 and $22,000. These levels display even less liquidity than $25,000, which could hint at a deeper correction of \u201cBearadise,\u201d as the analyst called it. Additional data provided by trading desk QCP Capital indicates that macroeconomic forces have played a critical role in influencing the price of Bitcoin. Yesterday, the US Federal Reserve (Fed) sent a \u201chawkish\u201d surprise across financial markets, limiting any BTC upside momentum. Related Reading: Ethereum Bearish Signal Reappears After Five Years To Threaten ETH\u2019s Price This event had a bearish impact on legacy markets, with the Nasdaq 100 and rates markets breaking \u201csome very key levels,\u201d QCP Capital stated. The trading desk added: (\u2026) reflexivity can take over with the bearish thesis from here. If we are right, then this macro move could seep into crypto markets and take BTC lower with it (Chart 3), albeit with a lower beta as compared to other very stretched macro markets like the NASDAQ. Cover image from Unsplash, chart from Tradingview<\/p>\n","protected":false},"author":535,"featured_media":552349,"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-552348","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusdt"],"acf":[],"yoast_head":"\nWhy Touching This Bitcoin Level Could Hold The Key For A Rally<\/title>\n<meta name=\"description\" content=\"The price of Bitcoin was rejected as it approached critical resistance north of $27,000, and selling pressure continues over today\u2019s trading session. 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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. 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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":"Why Touching This Bitcoin Level Could Hold The Key For A Rally","url":"http:\/\/wncen.com\/news\/why-touching-this-bitcoin-level-could-hold-the-key-for-a-rally\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/why-touching-this-bitcoin-level-could-hold-the-key-for-a-rally\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/Bitcoin-BTC-BTCUSDT-1.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/Bitcoin-BTC-BTCUSDT-1.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":"2023-09-21T18:00:11Z","datePublished":"2023-09-21T18:00:11Z","dateModified":"2024-06-11T08:18:08Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Why Touching This Bitcoin Level Could Hold The Key For A Rally\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/why-touching-this-bitcoin-level-could-hold-the-key-for-a-rally\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/why-touching-this-bitcoin-level-could-hold-the-key-for-a-rally\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/Bitcoin-BTC-BTCUSDT-1.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/Bitcoin-BTC-BTCUSDT-1.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\":\"2023-09-21T18:00:11Z\",\"datePublished\":\"2023-09-21T18:00:11Z\",\"dateModified\":\"2024-06-11T08:18:08Z\"}<\/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\/09\/Bitcoin-BTC-BTCUSDT-1.jpg?fit=640%2C427","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/552348"}],"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=552348"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/552348\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/552349"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=552348"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=552348"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=552348"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}