The price of Bitcoin has been trading about key resistance during today’s trading session and could be positioning for a break higher if bulls managed to close the daily candle above $21,500. The cryptocurrency still records heavy losses on higher timeframes but could be on the verge of a decisive move. Related Reading: Chiliz Price Skyrockets, Will This Bullish Run Continue? At the time of writing, Bitcoin (BTC) trades at $21,700 with a 1% profit and a 9% loss in the last 24 hours and 7 days respectively. As mentioned, critical resistance stands at $21,500, a daily candle close above this level could hint at the price trending further. Data from Material Indicators (MI) highlights the importance of $21,500. Bitcoin has been rejected at least twice around those levels, over the past week. Thus, the importance of a breakout on a low timeframe. This upside move might provide the market with some confidence about a potential shift in momentum from short-term bearish to bullish. Material Indicators have been recording a spike in orderbook activity which could hint at a fakeout or a re-test of support levels: Watching BITCOIN liquidity jump around on the D chart (daily chart). When we see liquidity moving aggressively, it’s difficult to gain confidence in new liquidity that appears on the orderbook. If bitcoin price heads back down to $21.5k, be mindful of rug pulls (fakeouts). As the chart above shows, bid liquidity (buying ...
