Bitcoin bulls face $21K sellers as BTC price wipes out Fed FOMC losses. $21,000 is looking tricky as sell orders mount, while buy walls dry up, taking potential support with them.
BTC 가격이 Fed FOMC 손실을 상쇄함에 따라 비트코인 황소들은 2만 1천 달러 매도자들을 마주하고 있습니다. 21,000달러는 판매 주문이 증가하고 구매 벽이 말라 잠재적인 지원이 필요하기 때문에 까다로워 보입니다.
Bitcoin (BTC) headed toward $21,000 on Nov. 4 as bulls attempted to reclaim lost ground.
Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it rose overnight to put in new daily highs of $20,683 on Bitstamp.
$21,000 sell wall proves ugly
$21,000 판매 벽은 추악합니다.
While so far a lower high on hourly timeframes compared to the Nov. 1 and 2 spikes, the move served to make up for losses, which came on the back of the Federal Reserve interest rate hike decision.
Potential for a push beyond $21,000 was limited, however, thanks to exchange sellers stacking asks at that level.
“If you want to sell, place your orders slightly lower than $21k,” Onchain Edge, a contributor at analytics platform CryptoQuant, wrote in part of a tweet alongside data from the Binance order book.
Material Indicators, which provides the order book data, additionally noted that buy-side orders had been fickle friends in terms of support, coming and going on the order book.
“THIS is why I don’t trust new, heavily weighted, Bitcoin buy walls,” it commented.
Fellow CryptoQuant contributor Maartunn meanwhile added that market sell-orders were “still dominant” in the current setup.
“Nothing has really changed, other than a lower Bitcoin price,” part of Twitter commentary stated on the day.
Analyst on stocks: “Big guys loading up”
주식 분석가: "거물들이 몰려들고 있습니다."
Beyond crypto, one analytics source noted a potential silver lining for risk assets more broadly in the current climate.
Related: Bitcoin seller exhaustion hits 4-year low in ‘typical’ bear market move
The Smart Money Confidence (SMC) sentiment indicator, traditionally used for stocks, is now at “historical highs,” Game f Trades noted.
전통적으로 주식에 사용되는 스마트 머니 신뢰도(SMC) 감정 지표가 현재 '역사적 최고치'에 있다고 게임 오브 트레이드는 지적했습니다.
High SMC scores coincide with the outperformance of the S&P 500, and given Bitcoin’s correlation to traditional markets, there could be cause for optimism on the back of its current reading of 0.61.
SMC hit highs of 0.78 in late September, with a bounce thus required in future.
“The big guys are loading up. Smart money confidence is at historically high levels,” an optimistic Game of Trades nonetheless summarized.
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