Bitcoin, bottom range at $25,000

The yoyo is clearly the current situation, it seems whales are filling their wallets at $25,000, let’s hope it continues again this week.

Warning This article does not constitute investment advice or an invitation to invest. It is for information purposes only. You are solely responsible for your trading and investment decisions.

Remember, too, that when it comes to trading, it’s essential to at least secure your winnings in a cold wallet. For an easy-to-use cold wallet, we refer you to D’Cent that we have already presented here. We would like to thank them for sponsoring this section.

The false start

It looked like it this week, with a nice rise and sell-side liquidations, but, but, but… no!

BTCUSDT.P 2023 09 25 11 11 45 - Coinpri
Bitcoin’s endless range. Pair: BTC/USDT Perp on Binance

The break of the resistance almost took place, but we ran out of juice to go looking for liquidations above $27,900! We now find ourselves in the unfortunate situation of re-entering a range (between support and resistance… logical, some would say), which means we’re likely to return to the bottom of the range, the famous $25,000.

Will the bottom of the range hold?

Not even a question if we go up this week, but rather a certainty of a return to $25,000. If I’m wrong, well, don’t read on, we’re back at $30,000 and I’m a happy man.

Price action

Is price action the most important thing? Why is that? Because all the indicators you want come out of this thing called price action. price action ! Definition: Overall, this is how the price looks on the chart.

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Bitcoin price action. Circled in red, strong rejections of support.

Here, it’s interesting, because as soon as we wick on support at $25,000 +/- $200, we have a rather violent rejection wick. Why is this? Because aggressive buyers are positioning themselves, particularly on the spot, meaning that whales are buying massively at this price. For the time being, they have always absorbed the sellers, sometimes even sending the ball back strongly.
Will it hold? That’s always the question, but I don’t see why we should give lower opportunities to everyone who wants to buy back $20,000.

Orderflow

Once again, Bitcoin’s orderflow didn’t lie.

Capture decran 2023 09 25 112624 - Coinpri
Bitcoin orderflow. In order, bitcoin price, long/short ratio, open-interests, funding and liquidations.

When sellers showed up, observed by the increase in open-interests and the decrease in the long/short ratio, then the price stopped and flipped! We’re now gradually deflating, with the current fall allowing this ratio to rise again. By the time it’s back up to 70, we should be close to $25,000 and able to breathe again.

Capture decran 2023 09 25 113038 - Coinpri
Orderflow of altcoins. In order, bitcoin price, open interests, funding and altcoin liquidations.

As for altcoins, nothing has changed, orderflow remains similar to a market bottom. There has been a slight upturn in recent seller liquidations in funding, but that’s all. A return to $25,000 should further amplify the negative funding; if not, watch out for a break of support!

Conclusion

YOYO! We’ve been sitting on this eternal $25,000 support for weeks now, peaking around $27,000! This is unlikely to change this week. In any case, we’re seeing a lot of buying on this support, and we hope to see it hold for one more time or more! As long as the orderflow remains as before, this shouldn’t change.
If, like the whales, you’re currently reloading, consider using our partner’s secure wallet D’Cent. It will enable you to keep your assets safely under your control!
While we wait for a new price movement, we’ll see you next week for new adventures!