$200 million selling wall holds Bitcoin for $111,000 and $113,000 – We know that’s what we know
back How many days to ask From bullish investors, Bitcoin has finally launched a new all-time high above $108,800 in the past 24 hours, up to $111,814. The highest breakthrough in the new history is With strong purchasesbut the recent rally is now facing a huge friction in the concentrated sell order area, which seems to limit price action to a tight range. After the turn, Bitcoin is currently combining below $111,000, while Coinglass’ chain order data provides an explanation.
Chart liquidity heat map shows strong resistance clusters
Data from Coinglass Revealing the positive concentration of sales orders is between $111,000 and $113,200. This is clearly seen in the heat chart below, where the bright yellow band represents a large level of liquidity above the current market price.
But what’s really interesting is what’s happening with these liquidity levels. The layering of the sell orders is $8 million in increments per $100, forming a thick resistor wall. In total, the region is under cumulative seller pressure of about $200 million.
The visual data reflects a consistent order resistance that can only retreat to the highlighted area soon. In fact, the market may be entering a liquidity trap where bullish momentum is absorbed, and The buyer at the top can be liquidated.
What does a huge $200 million selling wall mean for Bitcoin price?
This large-scale wall selling usually represents the institutional allocation or protective positioning of whales Those who expect short-term correction. In such a short period of time, Bitcoin has soared from $106,000 to over $111,000, so it’s not surprising to see some profits make money on these psychological thresholds.
However, the existence of this wall is not necessarily Ineffective broader bullish trends;It introduces friction layers that can cause mergers or temporary callbacks. If Bitcoin cannot pass through this wall cleanly, there may be a long lateral pattern as the buyer’s liquidity tries to absorb the selling pressure. However, sudden peaks at the level of spot demand or liquidation cascading levels may trigger a breakthrough above $113,200, which will allow the price discovery pathway to clear the pathways above $115,000.
Golden Cross appears to support the latter’s prospects for Bitcoin Network Value (NVT) on transactions. Using this metric to perform technical analysis of Bitcoin’s price action, it shows that Bitcoin NVT Golden Cross is Still exceeding too many areas, This means that the price still has a lot of room to run.
On the other hand, the on-chain data shows an interesting one Bitcoin whale trend This can lead to sales pressure. New Whale, a new whale that currently has a large amount of BTC in less than 30 days, has begun to profit from this new price peak. However, the old whale address contributed little to sales pressure.
At the time of writing, Bitcoin trades at $110,670.
Featured Images from Getty Images, TradingView.com Charts
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