Bitcoin remains range-bound as most cryptocurrency markets continue to trade in the red. The top-ranked cryptocurrency posted some profits on a shorter time frame, but the general sentiment in the market still points to uncertainty.
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At the time of writing, BTC is trading at $20,800, with a 4% gain over the past 24 hours and an 8% loss over the past week.
On a shorter time frame, data from Material Indicators recorded an increase in bid orders for BTC prices around $18,000. Bidding orders exceed $49 million. Due to its psychological importance in the market, this is the most critical area to support the cryptocurrency, at least in the short term, with $20,000.
Between $18,000 and current levels, Bitcoin has some bid orders to prevent a fresh attack from the bears. As shown below, material metrics show more than $15 million in bids around these levels.
If the price is trending to the upside, there is some liquidity around $22,000, and ask orders at this level alone are around $8 million. There are more inquiries below, which may indicate that the price of BTC will remain range-bound and temporarily in a consolidation phase.
A break above $22,000 or $24,000 could signal a continuation of bullishness, as these levels have significant selling on the shorter time frames.
While the price of BTC is consolidating around $20,000 and reacting to the downward pressure experienced over the past week, most inventors are bearish. Analyst Michaël van de Poppe believes that if the cryptocurrency can hold around current levels, BTC could be targeting $23,000 in the coming weeks.
— Michaël van de Poppe (@CryptoMichNL) June 23, 2022
In this sense, the analyst added:
The general consensus is that we’ll go lower and people will continue to spread the idea, as they’ve heard from strangers on the internet. It’s like hearing from strangers on the internet that they should buy cryptocurrencies when they peak in 2021. standard.
A new Bitcoin whale is born
From another perspective, CryptoQuant CEO Ki-Young Ju claimed that “most cycle indicators are saying a bottom” could be the price of BTC. After months of a downtrend, the cryptocurrency has entered oversold territory and may see some relief from macroeconomic factors that have led to selling pressure.
However, it is uncertain how long it will take to integrate in this range. Taking a large short position here doesn’t sound like a good idea unless you think $BTC will go to zero.
Related reading | Low Bitcoin prices spark inflows, but investor sentiment remains weak
Additional data provided by the CEO of CryptoQuant documents an increase in the amount of BTC flowing out of centralized exchanges. While inflows remain high, this suggests that new BTC whales may be buying the dips and accumulating around these levels.