Bitcoin price declined below $20,000 after a recent rejection from $21,800 and is still struggling to rise above these levels. However, BTC price successfully created a bullish divergence on the daily time frame which could help the price stabilize a significant rise.
On the other hand, a major resistance level is set at $19,500 and a daily close above these levels could set off significant price action. Conversely, the liquidation price of WBTC on Celsius has dropped for the second time in a row from around $11,000 to $8,839.
Will this have an opposite effect on the BTC price rally?
As seen in the chart, BTC price is swinging inside a symmetrical triangle on the 4-hours time frame. While it is on its way towards the top, some ups and downs can make its way. However, by the end of the week, the price of BTC is expected to see extreme price movements, regardless of the direction. A breakout could propel the price above the crucial resistance at $22,800 and a breakout could test the lower support again.
ALSO READ: Avalanche (AVAX) Price Breaks Down Trend, Will It Hit $30 This Month?
Indicators that point to a major price action for BTC price!
Traders have lost faith in the exchanges in the recent past and are therefore strictly withdrawing them. However, 150K BTC has been recorded in outflows from exchanges, which is the biggest outflow ever.
While it cannot be said with certainty that these BTC may be liquidated, the recent crisis on other platforms may have triggered the move. On the other hand, Miners are reportedly hoarding BTC Again from the last days of June. This could be due to prices being significantly lower for sale which cannot accommodate their mining cost.
But holding the asset during a bearish trend can prevent a descending trendline and help strengthen the price. However, these indicators do not show any bullish or bearish signals, but ultimately indicate a bullish price action for Bitcoin (BTC) price regardless of direction.