A Notorious BID Wall in Bitcoin Trying to Push Price Above $25,000, Can BTC Go Higher?

Bitcoin has failed in another attempt to rise above the $25,000 mark, dropping to the $24,600 level. BTC price is consolidating above the 24,500 level and has been sideways for the past five days.

Research and data analytics firm Material Indicators (MI) has spotted the “infamous BID,” a wall of buy orders or buy orders on the Binance crypto exchange attempting to push the price of bitcoin above a possible recent resistance in order to reach new yearly highs. as stated on twitter mail.

How informed Yesterday, NewsBTC, Material Indicators spotted a big whale driving Binance’s order books spreading demand liquidity from $25k-$25.5k levels. USA and narrowing the zone of resistance. From a technical analysis standpoint, the $25,000 roof should serve as a local top, according to MI.

Significant Indicators Fire charts show a wall of resistance located at $25,000. Source: MY_SOMETHING

As seen above, the Notorious BID will attempt to reset the $25,000 resistance level, which also failed and pushed the price of Bitcoin into the range formed last week. For now, Bitcoin is trying to hold the $24,000 support level to avoid another pullback to the $23,000 zone. Declared significant indicators:

The Notorious BID wall has moved again. IMO, until we see full candles above 200 WMA, this is still a distribution on a bear market rally, and with a demand wall above $24,000, selling short from this level has about the same short-term risk as long.

Can Bitcoin overcome the next resistance?

The $25,000 resistance level was a tough nut to crack for investors after four failed attempts. The recent bitcoin rally was primarily driven by an increase in the supply of stablecoins on exchanges. These altcoins were used to buy Bitcoin, allowing the price action to regain previously lost territory in the 2022 bear market. But will Bitcoin have enough fuel to overcome the next resistance?

According to twitter mail Research and analytics firm Blofin has seen more sell orders than buy orders in its order stream. This indicates that the buying power of the bears is strong and that Bitcoin price action may not be able to overcome the upcoming resistance in the short term.

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This may mean that all hope is not lost for the bears. Bitcoin needs to completely break the bearish structure in order to establish a bullish trend. The price could re-test the previously conquered levels if bitcoin drops below the $24,000 support level.

The price of bitcoin is recovering after another failed attempt to overcome the resistance on the daily chart. Source: BTCUSDT Trading View

BTC is currently trading at $24,500 having lost 1.3% in the last 24 hours. As time goes by, so does the profit of Bitcoin at the beginning of the year. On the seven-day time frame, Bitcoin is still in the green with a 12.7% gain, and on the 30-day time frame, BTC is holding an 8% gain, which is a significant decline after heavy price action in an uptrend.

Featured image from Unsplash, chart from TradingView.

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