$21,000 is looking tricky as sell orders mount, while buy walls dry up, taking potential support with them. 1672 Total views 48 Total shares Listen to article 0:00 Market Update Bitcoin (BTC) headed toward $21,000 on Nov. 4 as bulls attempted to reclaim lost ground.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it rose overnight to put in new daily highs of $20,683 on Bitstamp.$21,000 sell wall proves ugly
While so far a lower high on hourly timeframes compared to the Nov. 1 and 2 spikes, the move served to make up for losses, which came on the back of the Federal Reserve interest rate hike decision.
Potential for a push beyond $21,000 was limited, however, thanks to exchange sellers stacking asks at that level.
If you want to sell, place your orders slightly lower than $21k, Onchain Edge, a contributor at analytics platform CryptoQuant, wrote in part of a tweet alongside data from the Binance order book.BTC/USD order book chart (Binance). Source: Onchain Edge/ Twitter
Material Indicators, which provides the order book data, additionally noted that buy-side orders had been fickle friends in terms of support, coming and going on the order book.
THIS is why I dont trust new, heavily weighted, Bitcoin buy walls, it commented.BTC/USD order book chart (Binance). Source: Material Indicators/ Twitter
Fellow CryptoQuant contributor Maartunn meanwhile added that market sell-orders were still dominant in the current setup.
Nothing has really changed, other than a lower Bitcoin price, part of Twitter commentary stated on the day.Bitcoin net take buy/sell volume chart. Source: Maartunn/ TwitterAnalyst on stocks: Big guys loading up
Beyond crypto, one analytics source noted a potential silver lining for risk assets more broadly in the current climate.
Related:Bitcoin seller exhaustion hits 4-year low in typical bear market move
The Smart Money Confidence (SMC) sentiment indicator, traditionally used for stocks, is now at historical highs, Game of Trades noted.
High SMC scores coincide with the outperformance of the S&P 500, and given Bitcoins correlation to traditional markets, there could be cause for optimism on the back of its current reading of 0.61.
SMC hit highs of 0.78 in late September, with a bounce thus required in future.
The big guys are loading up. Smart money confidence is at historically high levels, an optimistic Game of Trades nonetheless summarized.Smart money confidence annotated chart. Source: Games of Trades/ Twitter
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision. #Bitcoin #Bitcoin Price #Markets Related News How to get a job in the Metaverse and Web3 The crypto market bottom is almost in Market Talks chats with trader Korean Jew Crypto Bitcoin price bottom takes shape as old coins hit a record 78% of supply Bitcoin bulls aim for a post-FOMC win in Fridays $640M BTC options expiry Bitcoin price hits $20.8K as volatility ensues over Fed 75-point rate hike
