{"id":643286,"date":"2024-09-20T00:30:58","date_gmt":"2024-09-20T00:30:58","guid":{"rendered":"https:\/\/www.shenyangcang.com\/?p=643286"},"modified":"2024-09-19T21:57:15","modified_gmt":"2024-09-19T21:57:15","slug":"bitcoin-price-rally-faces-key-resistance-will-whale-shorts-trigger-a-market-pullback","status":"publish","type":"post","link":"https:\/\/www.shenyangcang.com\/bitcoin-news\/bitcoin-price-rally-faces-key-resistance-will-whale-shorts-trigger-a-market-pullback\/","title":{"rendered":"Bitcoin Price Rally Faces Key Resistance: Will Whale Shorts Trigger A Market Pullback?"},"content":{"rendered":"<p><span style=\"font-weight: 400\">As the broader cryptocurrency market experiences notable gains following the <\/span><a href=\"https:\/\/www.shenyangcang.com\/breaking-news-ticker\/breaking-fed-cuts-rates-bitcoin-and-markets-react-with-a-bang\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">Federal Reserve&#8217;s rate cuts<\/span><\/a><span style=\"font-weight: 400\">, Bitcoin (BTC) has reached a price of $63,670 on Thursday, marking substantial bullish momentum since late August. This surge has sparked increased interest from both retail traders and institutional players, leading to diverse positioning within the market.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Divergence In Trader Strategies<\/span><\/h2>\n<p><span style=\"font-weight: 400\">According to a recent <\/span><a href=\"https:\/\/x.com\/InspoCrypto\/status\/14038402\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">post <\/span><\/a><span style=\"font-weight: 400\">on social media site X (formerly Twitter) by technical analyst InspoCrypto, the recent price action on the Binance BTC\/USDT perpetual futures chart highlights a strong upward trend, with Bitcoin breaking key resistance levels around $60,000.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.shenyangcang.com\/news\/dogecoin\/crypto-analyst-predicts-dogecoin-will-surge-1000-past-ath-price-targets-revealed\/\" target=\"_blank\" rel=\"noopener \">Crypto Analyst Predicts Dogecoin Will Surge 1,000% Past ATH \u2013 Price Targets Revealed<\/a><\/div>\n<p><span style=\"font-weight: 400\">The volume accompanying this price rise remains robust, according to the analyst, indicating solid support for the ongoing <\/span><a href=\"https:\/\/www.shenyangcang.com\/news\/bitcoin\/october-bitcoin-going-to-90000\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">bullish movement<\/span><\/a><span style=\"font-weight: 400\">. InspoCrypto suggests that while the market is currently in a bullish phase with no immediate signs of reversal, potential resistance is anticipated around $64,000 to $65,000.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Insights from Hyblock Capital\u2019s heatmap, reveal significant differences in positioning between large traders (whales) and retail investors. The heatmaps show an increase in long positions among retail traders, particularly in the $62,500 to $63,500 range.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">In contrast, whales have been accumulating short positions below $60,000, suggesting a cautious sentiment among<\/span><a href=\"https:\/\/www.shenyangcang.com\/bitcoin-news\/bitcoin-bullish-swing-top-analyst-says-yes\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\"> institutional players<\/span><\/a><span style=\"font-weight: 400\"> despite the short-term optimism among retail investors toward the largest cryptocurrency on the market.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Bitcoin Faces Key Liquidation Levels At $60,000 And $64,000<\/span><\/h2>\n<p><span style=\"font-weight: 400\">InspoCrypto further highlights that open interest in the futures market has also been rising along with the Bitcoin price, especially in the $62,000 to $63,500 range, indicating growing confidence in the <\/span><a href=\"https:\/\/www.shenyangcang.com\/bitcoin-news\/bitcoin-exchange-on-the-horizon-for-europes-3rd-biggest-stock-exchange-details\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">bullish trend<\/span><\/a><span style=\"font-weight: 400\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">In addition, the current funding rate is positive, suggesting that long positions are prevalent and traders are willing to pay a premium to maintain those positions. However, the analyst cautions that a sustained high funding rate could lead to <\/span><a href=\"https:\/\/www.shenyangcang.com\/bitcoin-news\/is-bitcoin-heading-for-a-bear-market-analysts-weigh-in-on-the-price-struggles\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">market corrections<\/span><\/a><span style=\"font-weight: 400\"> as traders rebalance their positions.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.shenyangcang.com\/news\/ethereum\/ethereum-generational-opportunity\/\" target=\"_blank\" rel=\"noopener \">Is This The End For Ethereum Or A Generational Opportunity?<\/a><\/div>\n<p><span style=\"font-weight: 400\">Volume remains a critical indicator of market strength, supporting the bullish rally as it surpasses the $63,000 mark. Notably, the volume delta is positive, indicating more buying pressure than selling. However, there are significant<\/span><a href=\"https:\/\/www.shenyangcang.com\/news\/dogecoin\/dogecoin-rise-3600-to-3-7\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\"> liquidation levels<\/span><\/a><span style=\"font-weight: 400\"> at $60,000 and $64,000, which could trigger volatility if the market tests these price points.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Overall, InspoCrypto contends that sentiment in the market is moderately bullish, rated at 7 out of 10. While retail traders appear confident and are predominantly taking long positions, the accumulation of shorts by whales signals a potential cautionary stance.\u00a0<\/span><\/p>\n<figure style=\"width: 1815px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large\" src=\"https:\/\/www.tradingview.com\/x\/n8hggoad\/\" alt=\"Bitcoin\" width=\"1815\" height=\"858\"><figcaption class=\"wp-caption-text\">The daily chart shows BTC&#8217;s price surge. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/7W2R5XTA\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">At the time of writing, the industry&#8217;s largest digital asset is trading at $63,300 for the first time since late August. This represents a 5% increase over the past 24 hours, coupled with gains of 8% and 12% over the past seven and fourteen days, respectively.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Featured image from DALL-E, chart from TradingView.com <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As the broader cryptocurrency market experiences notable gains following the Federal Reserve&#8217;s rate cuts, Bitcoin (BTC) has reached a price of $63,670 on Thursday, marking substantial bullish momentum since late August. This surge has sparked increased interest from both retail traders and institutional players, leading to diverse positioning within the market. Divergence In Trader Strategies According to a recent post on social media site X (formerly Twitter) by technical analyst InspoCrypto, the recent price action on the Binance BTC\/USDT perpetual futures chart highlights a strong upward trend, with Bitcoin breaking key resistance levels around $60,000.\u00a0 Related Reading: Crypto Analyst Predicts Dogecoin Will Surge 1,000% Past ATH \u2013 Price Targets Revealed The volume accompanying this price rise remains robust, according to the analyst, indicating solid support for the ongoing bullish movement. InspoCrypto suggests that while the market is currently in a bullish phase with no immediate signs of reversal, potential resistance is anticipated around $64,000 to $65,000. Insights from Hyblock Capital\u2019s heatmap, reveal significant differences in positioning between large traders (whales) and retail investors. The heatmaps show an increase in long positions among retail traders, particularly in the $62,500 to $63,500 range.\u00a0 In contrast, whales have been accumulating short positions below $60,000, suggesting a cautious sentiment among institutional players despite the short-term optimism among retail investors toward the largest cryptocurrency on the market. Bitcoin Faces Key Liquidation Levels At $60,000 And $64,000 InspoCrypto further highlights that open interest in the futures market has also been rising along with the Bitcoin price, especially in the $62,000 to $63,500 range, indicating growing confidence in the bullish trend.\u00a0 In addition, the current funding rate is positive, suggesting that long positions are prevalent and traders are willing to pay a premium to maintain those positions. However, the analyst cautions that a sustained high funding rate could lead to market corrections as traders rebalance their positions. Related Reading: Is This The End For Ethereum Or A Generational Opportunity? Volume remains a critical indicator of market strength, supporting the bullish rally as it surpasses the $63,000 mark. Notably, the volume delta is positive, indicating more buying pressure than selling. However, there are significant liquidation levels at $60,000 and $64,000, which could trigger volatility if the market tests these price points. Overall, InspoCrypto contends that sentiment in the market is moderately bullish, rated at 7 out of 10. While retail traders appear confident and are predominantly taking long positions, the accumulation of shorts by whales signals a potential cautionary stance.\u00a0 At the time of writing, the industry&#8217;s largest digital asset is trading at $63,300 for the first time since late August. This represents a 5% increase over the past 24 hours, coupled with gains of 8% and 12% over the past seven and fourteen days, respectively. Featured image from DALL-E, chart from TradingView.com<\/p>\n","protected":false},"author":589,"featured_media":643287,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,485,656,679,755,1119,1122,1144,8390,78790,6664,14690],"class_list":["post-643286","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-chart","tag-bitcoin-news","tag-bitcoin-price","tag-bitcoin-technical-analysis","tag-btc","tag-btc-price","tag-btcusd","tag-btcusd-price","tag-btcusdt","tag-crypto","tag-crypto-news"],"acf":[],"yoast_head":"\n<title>Bitcoin Price Rally Faces Key Resistance: Will Whale Shorts Trigger A Market Pullback?<\/title>\n<meta name=\"description\" content=\"As the broader cryptocurrency market experiences notable gains, Bitcoin (BTC) has 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