*Bitcoin Stuck Below $69K: Will Whale Traders Push the Price Down?*
Bitcoin has been sandwiched between $68,000 and $69,000 price range. With much effort the first crypto was able to cross the resistances after $67,300 which is now the latest support zone.
Bitcoin has entered an area which is filled with multiple small and big resistance zones. The biggest one being the $69,000 which rejected the price. At the time of writing, bitcoin is trading at $68,143 which means it has fallen under the support level of $68,300. This zone now has become an active resistance.
The rejection of price was described along with reasons like Crypto Whale Activities in our previous day’s analysis.
According to the bitcoin liquidity chart, it is evident that no buyers are available in the present zone. This can lead to price drop towards $68,000 and below.
On the other hand, the whale order data shows that there are big traders waiting for BTC to rise a bit so they can short it.
More sellers are sitting in the above zone as compared to buyers. If new long traders do not balance the equation, price correction is evident.
