Bitcoin (BTC) price declined to the level of $ 10,300 after the overriding BitMEX, KuCoin and Donald Trump news. Although many analysts expect the BTC price to drop below $ 10,000, especially with the BitMEX news, the leading crypto currency broke the $ 10,700 resistance in the opposite move. However, the sales wall of 2,800 BTC currently formed on the Binance exchange may cause the price to be in a dilemma.
Cole Garner, one of the well-known crypto money analysts, stated that a sales wall of 2,800 BTC has been formed on Binance for now. It can be said that the total value of this selling wall is more than $ 30 million at these minutes when the BTC / USD trading pair is trading at $ 10,708.
Binance with a 2800 #BTC sellwall at $11k.
Unstoppable force meets the immovable object.
Welcome to re-accumulation. pic.twitter.com/dEmbyyZBDW
— Cole Garner (@ColeGarnerBTC) October 5, 2020
$ 30 Million Bitcoin Ready for Sale
Looking at the graph in the analyst’s tweet, it is seen that a total of 2,800 BTC sales orders were placed between $ 10,800 and $ 11,000. So whenever bitcoin price breaks the $ 10,700 resistance and targets higher, it faces tough selling pressure.
Cole Garner describes this process as “regrouping”. This indicates that some investors may be taking advantage of this selling wall and buying at current levels. The fact that the bitcoin price lost its support of $ 10,700 during the day and managed to get back here shows that Garner may be right.
In fact, in addition to this, the emergence of whales that have not been seen since 2018 indicates that significant changes may be seen in the BTC price in the coming days.