The worth motion over the previous few days has undoubtedly been optimistic for Bitcoin. After bottoming at $eight,180 on the day of the block reward halving, the cryptocurrency has shot greater, approaching $9,900 simply hours in the past.
With the worth now consolidating round $9,800, analysts are hopeful that BTC will break previous $10,000. But market information signifies that there’s a constructing promote wall on the key psychological and technical stage that will halt any rally.
Bitcoin Sell Wall Value Dozens of Tens of millions May Halt Rally
In keeping with order e book information of Bitfinex’s BTC/USD market shared by a common crypto dealer, there’s a huge block of orders trying to promote Bitcoin round $10,000 that could be onerous to interrupt previous.
Bitfinex’s order e book means that from $9,900 to $10,600, there may be ~four,200 Bitcoin value of promote orders, most of that are clustered round $10,000-10,200. Which means on one change alone, there may be…