, traders believe that Bitcoin price rebound is imminent
Bitcoin ( BitcoinTC), traded in a narrower range on Sept. 6, as traders bet on an imminent breakout.
BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView
Binance Futures giant takes in BTC
Data from Cointelegraph Markets Pro, and tradingView showed that BTC/USD was at $20,000 for the fourth consecutive day. Bulls failed to break resistance.
Two popular social media traders noticed a continuing accumulation trend by an unknown large scale Binance futures trading entity, as many were wondering when and how this phase would end.
Retail investors were selling. This entity spent several days soaking up liquidity. The result was probably obvious.
“Bounce incoming,” Il Capo of Crypto predicted as part of an update about the phenomenon. He described the entity’s long BTC position, which he called “massive” but “easily worth” 30,000 BTC or less.
And even more. There is a huge long position. Massive.
Bounce incoming. https://t.co/ENOo2HLCXv pic.twitter.com/OiaTagLzZP
— il Capo Of Crypto (@CryptoCapo_)
September 6, 2022
“There is quite a interest at 19,650$ Binance futures,” another trading account JACKIS continues.
“We are seeing the vacant positions filled, then the price goes up, then a new wave comes in, hit the orders again, and repeat. Looks like someone accumulating hard.”
By on-chain monitoring resource Material Indicators, order book data from Binance was uploaded onto Twitter. This meanwhile demonstrated resistance to rising overhead until Sep. 6.
Binance order book chart. Source: Material Indicators/ Twitter
Crypto Tony, a trader, warned that altcoins were outperforming Bitcoin’s intraday gains. This was something that warranted caution. Ethereum ( Ethereum) was up 4.4% in the day before the Sep. 15 Merge event.
He tweeted, “Bitcoin doesn’t move while Ethereum and Altcoins moves, which makes sense while folks try to make the most out of the upcoming merger.”
These moves often end in a dump when this happens. Be cautious.
ETH/USD 1-hour candle chart (Binance). Source: TradingView
Dollar under pressure
The U.S. dollar was once more the main focus of macroeconomics as it reached new multi-decade highs in comparison to a basket trading partner currencies.
Similar: BTC Price Sees New $20K Showdown — 5 Things to Know in Bitcoin This Week
Before consolidating, the U.S. dollar (DXY), passed 110.55 the day before returning to consolidate.
GM fam.
This week, it’s all about $DXY.
We should seek short-term relief for Stocks or Crypto if this rising wedge fails to collapse.
Now, test resistance. $BTC $ETH pic.twitter.com/AUoQGaL14f
— Justin Bennett (@JustinBennettFX)
September 6, 2022
Popular macro analytics account Fejau gave a grim outlook for the next year and predicted continued DXY strength in the face of the European energy crisis.
A lengthy Twitter thread explaining about September 5 stated that the Federal Reserve would face dollar strength so it would be necessary artificially to control it.
It stated that “We are about to experience a sovereign credit crisis caused by Europe’s energy crisis, all a culmination on the 100-year fiat expirement.”
These views and opinions are the author’s and do not necessarily reflect those of Cointelegraph.com. You should do your research before making any investment or trading decision.
