Bitcoin (BTC) Retreats from Weekly Highs On Binance Massive 7,350 Sell Order

  • Bitcoin whale sell order linked to price slump from intraday highs.
  • BTC/USD technical picture has all over a sudden turned bearish: buyers seek refuge at the 61.8% Fibo.

Bitcoin was the best performing cryptocurrency on the market on Tuesday following the gains that commenced yesterday. The largest crypto scaled the heights above $12,000 and skyrocketed closer to $13,000 forming weekly highs at $12,825.

However, the price has reversed the trend downwards and the bulls are battling to hold onto the gains at the 61.8% Fib retracement level taken between the last swing high of $13,895 and $9,674. The freefall ins apparently linked to a massive sell order on Binance exchange of 7,350 BTC. The sell order was an equivalent of $100 million. Speculation on the market is that a whale disposed the Bitcoin at the listed market high.

BTC/USD 1-h chart

Bitcoin Chart
Bitcoin Chart | Source: Tradingview

The 4-h chart shows Bitcoin plunging to $12,131 (recent low). The crypto is fighting to stay above the 61.8% Fib level as mentioned above. The technical picture has all over a sudden turned bearish nullifying most of the analysis that pointed BTC/USD correction above $13,000 in the near-term.

The Relative Strength Index (RSI), for instance, has sharply retreated from the overbought and appears to find balance above the 50 average levels. As long as the indicator stays above average, we could see a reversal heading to $13,000.

Another bearish signal is the downward sloping Moving Average Convergence Divergence (MACD). The increasing downward divergence shows Bitcoin bears gaining traction. Therefore, is essential that the buyers defend the 61.8% Fibo support. Moreover, BTC/USD is still trading above the 100 Simple Moving Average (SMA) as a positive indicator. Other support levels include $11,000, $10,000 and last week’s lows at $9,674.

Bitcoin Technical Key Indicators

Support Areas: $61.8% Fibo, $11,000, $10,000 and $9,674.

Resistance levels: $12,825, $13,000 and $13,895.

MACD: Reveals a bearish bias for Bitcoin price in the near-term.

RSI: Must stay above average as a signal for a reversal towards $13,000.

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