One week has passed and this continues to be a difficult week for the "Bull" of Bitcoin. After sliding off the 9,000 USD area from the 9,600 region at the beginning of the week, Bitcoin was unable to recover back that could only fluctuate between 9,000 and 9,200 USD.
Some traders know this merge will be broken and a new trend will be formed. However, there is a great possibility that the next trend will support the "bears" when investors have begun to handle their bitcoins.
In particular, an analyst shared the image below and pointed out that there are many sales orders [at] 9300-9600 USD on the Binance's order book. There are about $15 million selling orders centered in the 9,400 USD area.
This huge semi-giant wall has increased the chances that Bitcoin will fail to bypass that area. Many other analysts have shared in their own analysis that the region 9,400 USD is an important resistance.
In addition to the sell order, there also included the destination of Fib 61.8% of the high level of 10,500 USD; Limit points of SMA,...
However, the new "sell wall" is the problem of the most solved. Not only on Binance, this "wall" also appeared on BitMEX and Coinbase floor. In addition, a similar psychological discount is also seen in public data relating to the Bitcoin Future market on the CME.
With these difficulties, perhaps the Bitcoin market will hardly witness a good recovery in the short coming time.