Bitcoin (BTC) remained severely restricted on August 24 as buyers and sellers attempted to spark the hack.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
Spot price pressure on cards
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD is hovering near $21,500 at the Wall Street open.

The pair had seen little movement in the previous 24 hours, as it entered the fifth day of sideways movement within an increasingly narrow range.

Data from the order book of the main exchange Binance, which was uploaded to social media by the on-chain monitoring resource, Material Indicators, indicated that the status quo was frustrating for users of the exchange, including whales.

At the time of writing, bids were gradually rising towards the spot price, while sellers’ interest was increasing at $21,600.

The result could be volatility as the liquidity reduces the range in which the bitcoin/usd is floating – either to the upside or to the downside, depending on whether the buyers or sellers win.

BTC/USD (Binance) buy and sell levels. Source: Material Indicators / Twitter
Meanwhile, popular Crypto trader Tony told Twitter followers in today’s update: “Not really much has changed since yesterday, I’m still looking for one leg down to bring out the swing lows, followed by a wave of relief.”

Meanwhile, fellow Crypto trader Ed said he was “not convinced” of the strength of the rebound from the weekend lows at $20,800.

In his latest YouTube video, he highlights potential market entry levels between those low and the current position with a focus on retesting. He added that prior to that, Bitcoin could reconsider range rallies at just above $22,000.

The dollar is creeping back towards its two-decade peak
Meanwhile, stocks added to the sense that a return of risky assets could mark the day.

Related: Bitcoin bulls could win big as two major moving averages prepare to cross

The S&P 500 and Nasdaq Composite both headed higher at the Wall Street open, sending Cointelegraph contributor Michael van de Poppe to a detrimental effect on BTC/USD.

The popular Twitter account Game of Trades contributed to a long-term bullish outlook for US stocks, noting that 90% of S&P 500 shares were now above their 50-day moving average.

“This reading provided investors with very low returns in a 6- to 12-month time frame. Loading,” he advised followers.

Potential headwinds came in the form of the US dollar. After falling rapidly on the back of US manufacturing data, the US Dollar Index (DXY) reversed its losses for the day, heading towards fresh twenty-year highs.

Source: CoinTelegraph

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