The latest analytical analysis from FireCharts 2.0 indicates significant maneuvers by Bitcoin’s main stakeholders – often called “whales” – that are influencing the cryptocurrency’s price movements. These stakeholders are changing liquidity patterns in ways that suggest a strategic move toward a more tightly controlled range of transactions.

What Bitcoin Whales Do

According to Material indicators, advanced trading analytics, there has been a noticeable adjustment in the distribution of liquidity in the Bitcoin order book. In particular, there is a decline in the liquidity of inquiries in the higher price ranges, coupled with an boost in the liquidity of offers from $60,000 to $67,000. This vigorous is intended to compress Bitcoin’s price into a narrower range, which is a scenario the platform has predicted since the value of the digital asset rose above $52,000.

Discussions about Bitcoin’s price trajectory have been rife with speculation about a potential pump to $73,000, especially after a rebound from the $52,000 low. Despite the recent high near $70,600 resulting in a piercing rejection, sentiment remains cautiously positive. “Since the end of last week, there has been a lot of talk about the need to raise the price to PLN 73,000. dollars and there are good reasons why this is a short-term goal and why it is still possible despite the rejection of the 70.6 thousand dollar figure. dollars that we saw on Monday. ” noted Material Indicators.

From a macroeconomic point of view, Bitcoin’s prospects seem extremely positive. “The outlook for Bitcoin is literally as optimistic as it has ever been,” said a representative from Material Indicators during a recent livestream. They refrained from repeating details, urging viewers to revisit the previous week’s analysis for deeper understanding.

On the other hand, technical analysis paints a more complicated picture. Despite a favorable macro outlook, Bitcoin has consistently failed to confirm a resistance/support (R/S) change at $69,000 – a key level to confirm rising momentum. This continued failure is symbolic of the bulls’ struggle to maintain upward pressure and secure a novel all-time high (ATH). Integrating order book data with technical indicators, analysts observed a progressive downward movement in sell block liquidity, from initial settlements around $75,000-76,000 to recent figures around $70,000-71,500.

Looking ahead, the key question is: How low can Bitcoin realistically go before it finds significant support? To solve this problem, Material Indicators analysts operate a combination of technical analysis and real-time order book data. The convergence of Bitcoin’s 21-day, 50-day, and 100-day moving averages around $65,000-$66,000 makes a compelling case for potential support. In particular, the 21-day MA is favored due to its historical reliability as both resistance and support.

Order book data corroborates this analysis, showing strengthening put liquidity resistance above $70,000, while bid liquidity is strategically capped at just $58,000. The largest bid liquidity concentrations point to the strongest support at $60,000 and $65,000, with slightly less support around $66,000 and $67,000.

Despite the complicated interplay of factors in the near term, the long-term outlook remains overwhelmingly positive. The substantial question for the market is when, not if, a legitimate breakout will occur. Observations from the order book show that requests for proposals worth more than $200 million range from $71,000 to $75,000, compared with bids worth about $90 million ranging from $65,000 to $67,000. If bid liquidity does not decline, bid liquidity will need to strengthen significantly to cause a sustained push to the $70 area.

According to Material Indicators, the best-case scenario would see Bitcoin establish a mighty consolidation range above $65,000, confirm an R/S Flip of $69,000, and stabilize above that level before reaching a novel ATH. Such a development would not only confirm the bullish trend, but would also pave the way for a sustained uptrend based on current order book trends and technical analysis. They suggest that such a trajectory would provide the healthiest market development in featherlight of existing conditions.

At the time of publication, the price of BTC was $67,832.

Featured image created with DALL·E, chart from TradingView.com