Bitcoin Hits Massive 1,350 BTC Sell Wall; Here’s Why Buyers Won’t Break It – Bitcoinist

Bitcoin has led the aggregated cryptocurrency market higher today. After trading sideways around $9,200 for the past several days and weeks, the crypto has since made an upwards push towards $9,500.

This momentum slowed once the crypto reached its current price levels, and this appears to be the result of a massive sell wall established just above its current price.

Unless the whale who formed this wall removes it, or buyers garner a massive amount of momentum, it is unlikely that it will be easily surmounted.

It also appears that there are a few key factors that are signaling Bitcoin is bound to see further near-term downside.

After consolidating around $9,200 for the past several days, Bitcoins buyers appear to have gained the upper hand over sellers as they push the benchmark crypto up towards its key resistance within the mid-$9,000 region.

At the time of writing, Bitcoin is trading up just under 1% at its current price of $9,450. It did push as high as $9,500 earlier but has since been forced lower by intense selling pressure.

It is important to note that BTCs upswing happened to come to an end as soon as it reached a massive 1,350 Bitcoin sell wall that has been erected on Binance at $9,450.

One trader spoke about this, noting that it is one of the larger sell walls he has spotted in a while.

1350 BTC Binance sell wall. One of the bigger sells spotted in a while, he said.

There are a few factors that signal Bitcoin will not be able to break above this heavy resistance region.

Another popular cryptocurrency analyst spoke about these factors in a recent tweet, explaining that BTC is forming a rounded top formation, is seeing a massive spike in selling pressure, and remains below its local point-of-control.

If Im honest with myself then I have to admit that this looks bearish. Rounded top formation just like in February. Sell volume > buy volume. Below local POC.

If Bitcoin fails to break above its heavy near-term resistance, there is a strong likelihood it will soon see major downside.

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Bitcoin Hits Massive 1,350 BTC Sell Wall; Here's Why Buyers Won't Break It - Bitcoinist