[2022-03-26] Bitcoin sellers keep BTC price action in check amid $45K 'fakeout'

[franch]

Bitcoin fakeouts: Third time's the charm?
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD lingering around $44,500 Saturday, preserving the lion's share of the week's progress.

Traders had sounded the alarm on a possible retracement after a large sell wall appeared on major exchange Bitfinex. In the event, sell-side pressure prevailed, halting bulls' advance at just above $45,000.

"Still waiting to see how price trades around yearly open. The prev times I targeted it we came up short but got very close although this time looks better for BTC. Almost there," popular trader Pentoshi summarized.

Fellow Twitter user B C Richfield meanwhile highlighted the need to crack the current local high of $45,135, after two "fakeouts" on lower timeframes. A failure to do so, he argued prior to the high occurring, would be bad news.

Source: https://cointelegraph.com/news/bitcoin-sellers-keep-btc-price-action-in-check-amid-45k-fakeout-warning

[darkangel11]

Those guys are really running out of things to write about.
Every time the price goes up a bit there's some sell pressure. Bitcoin went from 40k to 42k there was sell pressure and it fell back to 40.5k but then went up again to 43k and there again was sell pressure and it fell back to 41.5k. Then again it went to 45k and the sell pressure brought it back to 44k.

It's too early to call it a fakeout because all the other pullbacks this month looked like fakeouts but after a few days continued up. It can go up again or down, but they're already calling it like the idiots they are.

[TravelMug]

And looking at the price movement right now, I don't think this is a fake breakout after all. We go as high as $48k and now maintaining at the $45k level.

So everything looks bright right now as we enter the month of April. We might be look at $48k-$50k if this run is going to continue. Volume is good and so is the 50 and 200 MA.

[adaseb]

I don’t think it’s a fake out either. The bears are still waiting for Saylor and Luna to finish their buys and until those are completed I don’t think they are going to short here since it seems that $50K is again back on the books.

When $50K breaks I think most of the retail FOMO will be back and we will have another huge rally into the ATH however i am not expecting $100K to break yet. Maybe we top at $76K or so.

Way too much political uncertainty right now.

[Fundamentals Of]

Don't take their words as gospel truth. They are all like us in this world of Bitcoin speculation. The price of Bitcoin has already gone beyond $45,135 a number of times in the past days and yet the price hasn't rallied to hit $50,000 yet. It rises and falls at $45,000. I am not expecting any bad news in the days to come although there seems to be some movements of Mt. Gox Bitcoin. It is a big amount and it could somehow control the impact of the buy pressure to Bitcoin's price. We will wait for further updates.

[cryptomaniac_xxx]

Don't take their words as gospel truth. They are all like us in this world of Bitcoin speculation. The price of Bitcoin has already gone beyond $45,135 a number of times in the past days and yet the price hasn't rallied to hit $50,000 yet. It rises and falls at $45,000. I am not expecting any bad news in the days to come although there seems to be some movements of Mt. Gox Bitcoin. It is a big amount and it could somehow control the impact of the buy pressure to Bitcoin's price. We will wait for further updates.

I wasn't aware that the Mt. Gox bitcoin is moving again, so thanks for the update. And I agree that it could still impact the price even if the hacks happened years ago.  And I do hope that it won't put any pressure on the price as we have rallied already and going to try and break $50k for this month.

As for the state of crypto journalism, someone commented about those authors have nothing to write about bitcoin and the market. Actually there are a lot, the problem is that they don't verify, they just write want crypto enthusiast wanted to see and hear.

[Fundamentals Of]

Don't take their words as gospel truth. They are all like us in this world of Bitcoin speculation. The price of Bitcoin has already gone beyond $45,135 a number of times in the past days and yet the price hasn't rallied to hit $50,000 yet. It rises and falls at $45,000. I am not expecting any bad news in the days to come although there seems to be some movements of Mt. Gox Bitcoin. It is a big amount and it could somehow control the impact of the buy pressure to Bitcoin's price. We will wait for further updates.

I wasn't aware that the Mt. Gox bitcoin is moving again, so thanks for the update. And I agree that it could still impact the price even if the hacks happened years ago.  And I do hope that it won't put any pressure on the price as we have rallied already and going to try and break $50k for this month.

As for the state of crypto journalism, someone commented about those authors have nothing to write about bitcoin and the market. Actually there are a lot, the problem is that they don't verify, they just write want crypto enthusiast wanted to see and hear.

The earlier news was that a total of 6,800 Bitcoin that was linked to Mt. Gox's cold wallet suddenly moved. That's a large amount that may affect Bitcoin's price should it be distributed to their owners. Those Bitcoin must have already been very profitable for the owners that selling may be an easy option. It was rumored that the movement was made according to Kapeles' plan to pay back the creditors. But the latest update clarified that the Bitcoin wasn't from Mt. Gox. It was actually from the early F2Pool miners.

[pooya87]

The problem is partially because of the short sellers who keep borrowing more and more bitcoin to pull the price down. For example over the past 3 days where price was clearly rising (3 consecutive green candles) the number of shorts increased about 30%. This is diminishing compared to 250% rise that we saw during the first half of last month but it still is a preventing force.

[GreatArkansas]

When Bitcoin managed to stay above $40,000 at the end of March, I was already bullish, look how $40,000 strong support. That's why it is very important to me when using a higher timeframe, especially the event when the monthly candle is about to close.
With recent price action of Bitcoin, it is very healthy for me, less volatile is good.

[laredo7mm]

I don’t think it’s a fake out either. The bears are still waiting for Saylor and Luna to finish their buys and until those are completed I don’t think they are going to short here since it seems that $50K is again back on the books.

When $50K breaks I think most of the retail FOMO will be back and we will have another huge rally into the ATH however i am not expecting $100K to break yet. Maybe we top at $76K or so.

Way too much political uncertainty right now.

So the historical 4-year cycle will not work this time? But I agree with you about retail FOMO. As soon as it breaks 50k retails investors will rush to take entry which looks pretty inevitable right now because I don't think whale wants to take any short position right now.

The problem is partially because of the short sellers who keep borrowing more and more bitcoin to pull the price down. For example over the past 3 days where price was clearly rising (3 consecutive green candles) the number of shorts increased about 30%. This is diminishing compared to 250% rise that we saw during the first half of last month but it still is a preventing force.

Not sure what they are thinking by doing these when the two biggest BTC accumulation is ongoing right now.

[sheenshane]

At least Bitcoin was able to survive at pumping price in 4 days and maintain the range of $45k, it has strong support that surely will the price have a resistance that will occur by next month or this month.

Dont look at the market price by day, the historical price has shown enough that Bitcoin is good for holding in a long term, not just the short term.
For now, let's wait for what will happen next, it's been more cash out for political purposes but that won't give any fakeout for sure.

It's normal that Bitcoin will fluctuate the price but we're still in the bullish stage so nothing to worry about.  Based on my crystalball, $71k is possible will come and hit with the new ATH at the mid of this year.

[Fundamentals Of]

At least Bitcoin was able to survive at pumping price in 4 days and maintain the range of $45k, it has strong support that surely will the price have a resistance that will occur by next month or this month.

Dont look at the market price by day, the historical price has shown enough that Bitcoin is good for holding in a long term, not just the short term.
For now, let's wait for what will happen next, it's been more cash out for political purposes but that won't give any fakeout for sure.

It's normal that Bitcoin will fluctuate the price but we're still in the bullish stage so nothing to worry about.  Based on my crystalball, $71k is possible will come and hit with the new ATH at the mid of this year.

It's more than 10 days already since this call for alarm for a possible retracement due to a large sell wall on Bitfinex was made and yet the price is still holding strong at $45,000. In fact, just yesterday the price even rose to more than $47,000. So this warning was not for something that actually happened. There was indeed a dip just hours ago but it must not be the same thing that's referred to in this thread.

I am also optimistic that there would be an attempt to break the ATH within the first 6 months of the year.

[btc_angela]

At least Bitcoin was able to survive at pumping price in 4 days and maintain the range of $45k, it has strong support that surely will the price have a resistance that will occur by next month or this month.

Dont look at the market price by day, the historical price has shown enough that Bitcoin is good for holding in a long term, not just the short term.
For now, let's wait for what will happen next, it's been more cash out for political purposes but that won't give any fakeout for sure.

It's normal that Bitcoin will fluctuate the price but we're still in the bullish stage so nothing to worry about.  Based on my crystalball, $71k is possible will come and hit with the new ATH at the mid of this year.

It's more than 10 days already since this call for alarm for a possible retracement due to a large sell wall on Bitfinex was made and yet the price is still holding strong at $45,000. In fact, just yesterday the price even rose to more than $47,000. So this warning was not for something that actually happened. There was indeed a dip just hours ago but it must not be the same thing that's referred to in this thread.

I am also optimistic that there would be an attempt to break the ATH within the first 6 months of the year.

And then we are down < $40k again. So the retracement is still on-going after reaching as high as $48k, which means more have been short selling since then.

And although we has some news about some entity pumping it in the last week or so, and yet the price still goes down? Perhaps this was the effect of the war? or another set of negative news again causing panic pushing the price down below $40k again?

[yhiaali3]

In fact we are in the correction now, the price of bitcoin is now below $39,000 after reaching $47,000, yes there is a clear correction and some analysts expect the price of bitcoin to drop to the 32k point, despite the positive news about bitcoin such as the adoption of some countries for bitcoin and also large companies buying Large amounts We see Bitcoin falling, although the opposite is expected. The reason, in my opinion, is market manipulation by whales.

[STT]

Really all these labels depend on the time frame we're talking about.  The BTC price especially will duck and dive every day pretty much, it has to count as one of the most volatile markets in the world in that way and no doubt its a love/hate relationship for traders but they should be grateful as it does seem to obey rules and trends of various sorts.
   We got so many traders in the price, you can bet on profit taking occurring alot of the time in any bad weather people will bail.  The holiday just approaching is enough reason to expect us to go in circles till we come back out of that, some markets will be closed so its lower volume I presume.  No volume, no force to break through any special significant area is how I would characterize it.

[onecall123]

To be honest, it's frustrating. The upside volatility, however, is always reassuring for support levels. The traders, on the other hand, weren't very optimistic after several crashes. If the price moves up, let's say to $41000 or more, then I think it will manage to bring above the $43000 target. However, traders seemed unprepared for the bounce, as the dip below $40k ended up costing them. Meanwhile, sentiment remains positive.