A few days back, when the Bitcoin price was below $10K per coin, it was an ideal opportunity for the new entrants to get their hands on some Bitcoin. But the prices are moving too fast, and during the last 48 hours, the exchange rates have appreciated by 15%, climbing from $9,500 per coin to $10,800 per coin. The bitcoin dominance has also increased to 66.3%.
i believe this low volume bottom and relief rally were driven by margin longs trying to paint a bottom and accumulate positions for the next leg up past $13.8k. long/short ratio is extremely high on both bitfinex and bitmex.
sellers aren't stepping in
yet but the reality is there is huge resistance all the way up to $13k now from the two failures in june and july. july was the biggest monthly volume exchange seen since the 2018 bubble pop, which means sellers are waiting in the wings. so price won't keep floating upwards on zero volume like it has been in the $10ks.
we could keep meandering upwards into the $11000s, maybe even the $12000s, over the next week or two. but my gut feeling is this will get hammered down hard again and price will keep correcting sideways/down until sometime next month.
