Bitcoin buy walls now sufficient to neutralize prevalent sell walls
Release: 2024/10/14 17:54 Reading: 343
Recent data from CryptoQuant reveals that Bitcoin's buy walls have gained significant strength across all exchanges.
These buy walls are now capable of counteracting sell pressure as the market seeks recovery. This suggests that there is strong demand for Bitcoin (BTC),足以吸收可持续压低价格的抛售量。
#Bitcoin buy walls on all exchanges are now strong enough to neutralize sell walls. pic.twitter.com/GOgHBt4MiC— Ki Young Ju (@ki_young_ju) October 14, 2024
The chart, spanning early 2023 to mid-October 2024, indicates that while Bitcoin has faced significant sell pressure in recent months, recent weeks have witnessed a reversal in this trend.
As of October 12, Bitcoin's buy walls had reached a robust 895 million, while sell walls had dwindled to zero. This signifies that buyers are eager to enter at key levels, a trend confirmed by the recent decline in exchange reserves.
Related: BOME hits 2-month high as altcoin market signals “up-only season”
The robust buy walls also reflect growing confidence. When buy walls exceed sell walls, prices tend to stabilize or rise. If this trend continues, Bitcoin could experience further upward movement, contingent on liquidity and investor sentiment.
Notably, after facing challenges on Sunday, the leading cryptocurrency has inició the new week on a positive note. Bitcoin has gained 2.80% in the last 24 hours and is trading at $64,630 at the time of writing. src="/uploads/20241014/1728901809670cf2b1b07dc.png">
BTC 1D chart – Oct. 14 | Source: crypto.news
The MACD indicator has recently turned bullish, indicating renewed buying momentum. BTC faces significant resistance at the upper Bollinger Band of $66,325. A breakout above this level could propel the asset towards $68,000 or higher in the near term.
Conversely, the 20-day moving average provides support at $62,832, with the lower Bollinger Band at $59,338 offering additional support. Considering the bullish MACD crossover and the recent increase in buy walls, Bitcoin is positioned for further upside, assuming it can overcome its current resistance.
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