Significant whale activity between $22,000 and $24,800 adds to the complexity of the current spot market setup.
Resistance is a psychological barrier used to describe a price level at which an asset, such as a cryptocurrency, faces selling pressure, with short-term investors tracking it to identify buying or selling opportunities. If the asset’s price moves higher, or away from the resistance level with strong volumes, it is considered to be a bullish move and can lead to higher price levels being achieved. On the flip side, if the price moves downward after multiple failed attempts at breaching the resistance, the asset could face more selling pressures and trend lower.
Forming an important part of technical analysis, the resistance level of an asset is used in conjunction with other abstractions to make predictions on possible price movements. Advanced technical indicators and trading charts usually employ a similar concept, with a moving average of prices being computed over different periods to provide a more dynamic trading band for intraday or positional traders. Therefore, investors can use a resistance level to time their exit or entry into an asset and capitalize on breakout or trend reversals to generate profits.
Select altcoins such as FLOW, THETA, QNT and MKR could rally if Bitcoin breaks above the stiff overhead resistance at $24,668.10066
Despite a handful of the top-80 coins gaining 12% or more over the past week, Tether's premium in Asia and futures markets activity show buyers lacking confidence.3641
Bitcoin and most major altcoins have bounced off their strong support levels and may challenge the overhead resistance in an attempt to resume the up-move.18344
A lack of immediate retaliation from China emboldens U.S. stocks as new research concludes that the market is becoming increasingly “risk-on.”3542