Bitcoin price after the recent rejection from $21,800 plunged below $20,000 and is still struggling to recover above those levels. However, the BTC price managed to create a bullish divergence in the daily timeframe which can help the price stabilize a meaningful recovery.
On the other hand, the big resistance levels are set at $19,500 and a daily close above these levels can result in significant upward price action. Conversely, the liquidation price of WBTC on Celcius was lowered for the second consecutive time from around $11,000 to $8,839.
Will this have a reverse impact on the rise in BTC prices?
As the chart shows, the price of BTC is swinging in a symmetrical triangle over a 4-hour time frame. As it heads towards the top, a few ups and downs may come out. However, by the end of the week, the price of BTC is expected to experience an extreme price movement regardless of direction. A breakout could lift the price past the crucial resistance at $22,800 and a breakout could retest the lower support.
Also Read: Avalanche Price (AVAX) Breaks Downtrend, Will It Hit $30 This Month?
Indicators that point to huge price action for the BTC price!
Lately, traders seem to have lost faith in the exchanges and therefore are pulling them out rigorously. However, the exchanges exit recorded 150,000 BTC, which is the largest exit to date.
However, it cannot be said with certainty that these BTC could be liquidated, but the recent crisis on other platforms could have triggered this decision. On the other hand, miners would accumulate BTC again since the last days of June. This may be because the prices are low enough to sell, which may not reflect their cost of operation.
But holding the asset during the downtrend could halt the downtrend and help the price build up strength. However, these indicators do not show any bullish or bearish signals, but ultimately signal steep price action regardless of the current direction for the Bitcoin (BTC) price.