Bitcoin has been unable to break above key resistance levels at around $23,000. As a consequence, the cryptocurrency has been moving sideways over the past two days while preserving some of its gains over the past week.<\/p>\n
The slowdown in bullish momentum coincides with an increase in asks (sell orders) liquidity for BTC\u2019s price above its current levels and a spike in BTC\u2019s supply inflows on crypto exchange platforms. On short timeframes, there are over $70 million in sell orders for Bitcoin from $23,000 to $24,000.<\/p>\n
Related Reading |\u00a0Crypto Market On The Mend: ApeCoin And Curve DAO Show Gains<\/a><\/p>\n These levels seem poised to continue operating as resistance while the price of Bitcoin continues to push to the upside. BTC\u2019s price has been tapping into the immediate zone at $23,100, but data from Material Indicators records $18 million in selling orders at this level alone.<\/p>\n As seen below, BTC\u2019s price is seeing less liquidity below its current levels with big liquidity gaps at key levels. This could hint at high volatility to the downside if BTC continues to lose momentum and can\u2019t break above $24,000 in the short term.<\/p>\n BTC\u2019s price (blue line on the chart) faces high ask orders (yellow and red above price) around current levels for short timeframes. Source: Material Indicators<\/p>\n In addition, Material Indicators records an increase in selling pressure from investors with sell orders above $100,000. These investors were accumulating BTC over the past week exercising a lot of influence on the price action.<\/p>\n As the chart below shows, these investors (in purple below) have begun selling into the current price action. In this timeframes, it seems too early to conclude if this trend will continue and if it will have a negative impact on BTC\u2019s price.<\/p>\n Large BTC investors (purple on the chart) sell Bitcoin over the past day. Source: Material Indicators<\/p>\n Analyst Ali Martinez concurred<\/a> with the data shown above. Via Twitter, Martinez showed data on the spike in selling pressure from BTC whales and miners with a decline in the number of addresses with over 1,000 BTC and a 1% decline in the Bitcoin held by addresses associated with miners.<\/p>\n Bitcoin Supply On Exchanges Rises, Hints At Further Weakness?<\/p>\n Further data provided by Ali Martinez records an increase in the Bitcoin held by crypto exchange platforms. This metric is considered bearish as these BTCs are often unloaded into the market.<\/p>\n BTC\u2019s price moving sideways on the 4-hour chart. Source: BTCUSDT Tradingview<\/a><\/p>\n Related Reading |\u00a0Ethereum Shows Signs Of Exhaustion, But Could It Still Touch $1,700?<\/a><\/p>\n Since July 12, the analyst said, there has been a spike of 27,000 BTC or $621 million sent to these venues. Martinez commented the following on these metrics:<\/p>\n The increase in open interest combined with a decline in network growth and rising selling pressure from whales and miners suggests that the recent Bitcoin price action is driven by leverage. These network dynamics increase the probability of a steep correction.<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n Bitcoin has been unable to break above key resistance levels at around $23,000. As a consequence, the cryptocurrency has been moving sideways over the past two days while preserving some of its gains over the past week.<\/p>\n The slowdown in bullish momentum coincides with an increase in asks (sell orders) liquidity for BTC\u2019s price above its current levels and a spike in BTC\u2019s supply inflows on crypto exchange platforms. On short timeframes, there are over $70 million in sell orders for Bitcoin from $23,000 to $24,000.<\/p>\n Related Reading |\u00a0Crypto Market On The Mend: ApeCoin And Curve DAO Show Gains<\/a><\/p>\n These levels seem poised to continue operating as resistance while the price of Bitcoin continues to push to the upside. BTC\u2019s price has been tapping into the immediate zone at $23,100, but data from Material Indicators records $18 million in selling orders at this level alone.<\/p>\n As seen below, BTC\u2019s price is seeing less liquidity below its current levels with big liquidity gaps at key levels. This could hint at high volatility to the downside if BTC continues to lose momentum and can\u2019t break above $24,000 in the short term.<\/p>\n BTC\u2019s price (blue line on the chart) faces high ask orders (yellow and red above price) around current levels for short timeframes. Source: Material Indicators<\/p>\n In addition, Material Indicators records an increase in selling pressure from investors with sell orders above $100,000. These investors were accumulating BTC over the past week exercising a lot of influence on the price action.<\/p>\n As the chart below shows, these investors (in purple below) have begun selling into the current price action. In this timeframes, it seems too early to conclude if this trend will continue and if it will have a negative impact on BTC\u2019s price.<\/p>\n Large BTC investors (purple on the chart) sell Bitcoin over the past day. Source: Material Indicators<\/p>\n Analyst Ali Martinez concurred<\/a> with the data shown above. Via Twitter, Martinez showed data on the spike in selling pressure from BTC whales and miners with a decline in the number of addresses with over 1,000 BTC and a 1% decline in the Bitcoin held by addresses associated with miners.<\/p>\n Bitcoin Supply On Exchanges Rises, Hints At Further Weakness?<\/p>\n Further data provided by Ali Martinez records an increase in the Bitcoin held by crypto exchange platforms. This metric is considered bearish as these BTCs are often unloaded into the market.<\/p>\n BTC\u2019s price moving sideways on the 4-hour chart. Source: BTCUSDT Tradingview<\/a><\/p>\n