According to a further extensive period of sideways trading in the lower $ 7,000 area in the second half of the last week, Bitcoin has seen a further boost to the highs at 7,300 US dollars led.
This ongoing recovery is marked by the attempt of the bulls to push the Bitcoin on a number of key resistors in addition to, the disabled people previously, the further growth, with the next resistance at $7.500 is.
An Analyst notes, however, that BTC may not be able to overcome these levels in the near future, what is mainly due to a considerable number of large sell orders that show up on Coinbase – which possibly represents a certain burden for the crypto-currency.
Bitcoin bulls target movement direction of the key resistance
Since BTC is moving during the largest part of the Thursdays and Fridays sideways, trying to get the cops several times, to exceed the level at $7.500, which the cops came each time with considerable selling pressure led to a rejection.
“BTC: Super exciting area of $150 for BTC since the rise of sub – $6600. I expect a certain degree of consolidation before the next step, and still see 7400 $ as the area that needs to be broken,“ noted the Analyst.
If the bulls are able to, the $7.200 of resistance to turn into support, this could trigger a new wave of buying pressure, the BTC has led to combat the strong resistance that lies directly in front of the current price levels.
Massive sell orders with Coinbase
A factor that could stop the cops, is the increasing number of large sell orders appear on the crypto-exchange Coinbase. A pseudonymous Trader noted this phenomenon and stated that the orders are within a price margin of 5% is twice as high.
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If these sales orders do not disappear in the coming hours, it is likely that Bitcoin today, on Sunday, recorded a downward movement.