New crypto market trends are starting to emerge now that Bitcoin and equities markets move closer to make-or-break levels, which will determine the markets’ direction.
This week, Bitcoin (BTC) raised investors’ hopes and then left them high and dry again.
Traders placed a majority of their attention on BTC price pushing through a long-term descending trendline resistance, but according to Cointelegraph analyst Ray Salmond, “BTC price simply ‘consolidated’ its way through the trendline by trading in a sideways manner where price has been range bound between $18,500 and $24,500 for the past 114 days.”
At the time of writing, BTC’s price continues to battle at $20,000, and it’s uncertain whether or not the level will hold as support.
Data from on-chain analytics firm Whalemap shows the three price zones investors should focus on.
Whalemap told Cointelegraph, “So far, the resistance at $20,380 — that is due to a whale accumulation of ~20,200 BTC — has been working quite well, with the latest rejection being almost to the dollar accurate.”
“Our support remains unchanged since the drop from $30,000. It lies at $19,174 and was formed all the way back on June 18, 2022, by a staggering accumulation of ~101,300 BTC by whale wallets. T
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