There’s a Colossal $40M Sell Wall Preventing Bitcoin From Crossing $10,000

The price action over the past few days has undoubtedly been positive for Bitcoin. After bottoming at $8,180 on the day of the block reward halving, the cryptocurrency has shot higher, approaching $9,900 just hours ago. With the price now consolidating around $9,800, analysts are hopeful that BTC will break past $10,000. Yet market data indicates that there’s a building sell wall at the key psychological and technical level that may halt any rally.

Bitcoin Sell Wall Worth Dozens of Millions Could Halt Rally

According to order book data of Bitfinex’s BTC/USD market shared by a popular crypto trader, there’s a massive block of orders looking to sell Bitcoin around $10,000 that may be hard to break past. Bitfinex’s order book suggests that from $9,900 to $10,600, there is ~4,200 Bitcoin worth of sell orders, most of which are clustered around $10,000-10,200. That means on one exchange alone, there is over $40 million worth of sell-side pressure if the cryptocurrency attempts to rally past $10,000. Read More...

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