Bitcoin rejected at $19,600 – AAVE and Synthetix soar due to Coinbase. The Bitcoin price was once again rejected near the all-time due to whale activity.
AAVE and Synthetix (SNX) are seeing a significant price increase on the back of the Coinbase listing announcement.
Bitcoin’s price has dropped again as it was rejected in the major resistance at $19,600 a few hours ago. The cryptocurrency registered a bullish momentum over the weekend and managed to return above the $19,000 level after dropping to $17,600 in previous weeks. However, the current price movement is once again showing the massive resistance zone between $19,600 and $20,000
Bitcoin rejected at $19600. At the time of publication, the price of Bitcoin was at $19,322 with a 0.12% sideways movement in the last 24 hours. In the weekly chart, BTC has also tended to move sideways (0.01%), but in the monthly chart, it still records gains of 19.29%.
Bitcoin whales take over exchanges, what to expect?
As analysts noted, the recent actions of the BTC price has been determined by the activity of whales. Over the weekend, an increase in buying pressure pushed the Bitcoin price beyond $18,800 to $19,300. The chart below shows the accompanying increase in whale activity.
The trader Byzantine General pointed to the negative funding rate on Binance’s for Bitcoin futures to predict a “squeeze” to $19,500, as shown in the chart below. Taking advantage of the short-term squeeze, the whales took profits causing the most recent drop in the price of Bitcoin.
Although the cryptocurrency seems to be in a phase of consolidation, whale activity could continue to be a determining factor. CryptoQuant’s CEO, Ki-Young Ju, advised caution while sharing a change in his trading strategy:
Looking at All Exchange Inflow Mean (144-block MA), $BTC whales are depositing exchanges. I think whales need more time to make a profit here. Unpopular opinion: Don’t buy the f*cking dip. Too many $BTC whales on exchanges.