The broader crypto market has become optimistic about the upcoming trend as Bitcoin price rises. The price of Ethereum is rising, many large-cap cryptos are gaining strength, and some mid-cap tokens are also doing well. Meanwhile, bulls and bears appear to have placed their bets, which could only strengthen over time. This could have a serious impact on the BTC price surge that could be witnessed once the token marks a new ATH.
Order books are considered one of the best tools to know what is going on in the market. It is a list of buy orders or bids and sell orders or letters with discrete units. They give an idea of at what price the bulls want to accumulate BTC and the bears are ready to liquidate.
Recent data from an analyst named Bitcoin Munger shows that sellers are building a new “sell wall” while buyers want the BTC price to fall sharply below $40,000.
The above data shows that sellers are placing large bets or “asks” just above the ATH at around $70,000 to $72,000. Therefore, the chances of price facing massive rejection after reaching these levels are quite high. On the other hand, buyers are still expecting the price to decline sharply and reach levels below $40,000 due to large amounts of bidding in the $30,000-$40,000 range. Therefore, given the above data, analysts mention two main observations:
- Sellers are trying to sell liquidity at the $70,000 level, knowing that the current selling threshold around $55,000-$60,000 may not last long
- Many buyers are still hoping to buy BTC in the $30,000-$40,000 range. Therefore, they will be forced to bid higher, potentially adding more fuel to the rally
Additionally, when orders are adjusted, buy orders will likely be higher since they have been in place for a long time. Meanwhile, sell orders were adjusted higher this week. Therefore, the analyst believes that a new high for Bitcoin (BTC) price could only be a matter of time, but the following Bitcoin (BTC) price movement could be much more interesting.
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