Bitcoins recent movement up towards its 2020 highs at $9,200 caught some bears by surprise, as it appeared to elucidate a significant amount of strength amongst BTCs bulls.<\/p>\n
Bears are currently fighting back, however, as one whale just put up a 500 BTC market sell on cryptocurrency exchange Binance, which could be one of the factors behind the cryptos inability to stabilize above $9,000.<\/p>\n
Coupled with this bearish BTC sell order is the fact that Bitcoins open interest is about to hit $1 billion, which is a level that has historically been touched just prior to massive selloffs.<\/p>\n
At the time of writing, Bitcoin is trading up 2% at its current price of $8,950, which marks a slight decline from its daily highs of $9,150 that were set yesterday evening when bulls attempted to push the crypto back towards its 2020 highs.<\/p>\n
In the near-term, the resistance at this level appears to be growing increasingly strong, and unless bulls generate significant buying pressure, this latest rally could ultimately result in a bearish double top formation.<\/p>\n
One factor that has heightened the bearishness of the rejection is the fact that a whale just placed a 500 BTC sell order worth nearly $4.5 million on Binance, creating a sell wall that may prove to be insurmountable for bulls.<\/p>\n
Theres something we havent seen in a long while. A 500 BTC sell on [Binance], Hsaka, a popular cryptocurrency analyst on Twitter, explained in a recent tweet.<\/p>\n
For as long as this sell wall is in place, all the buy orders around BTCs current price will be absorbed, thus leading it to stagnate or drift lower.<\/p>\n
Another factor that could lead Bitcoin to see some further bearishness is the fact that Bitcoins open interest is just a hair beneath $1 billion.<\/p>\n
The reason why this is important (and bearish) is because historically BTC has incurred sharp selloffs each time its open interest balloons to this level.<\/p>\n
Open interest on #bitcoin is currently at $943 million. Every time weve hit $1 billion weve seen a pretty big sell off. Lets see if this time will be different, Jacob Canfield a prominent crypto analyst on Twitter explained in a tweet.<\/p>\n
The coming several hours will likely provide insight into the long-term significance of these recent developments, and will provide clarity as to whether or not the latest rejection at $9,150 will mark another local high.<\/p>\n
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\nA Massive 500 Bitcoin Sell Order Hits Binance For First Time in a While, Heres What It Means - newsBTC<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"