BTC Sell Walls have Been Spotted on Binance and Other Exchanges

Bitcoin (BTC) has been steadily climbing higher over the past 25 hours, as its correlation with the equity markets strengthens once again. Both markets have been gaining bullish momentum on the news that President Trump is very healthy despite contracting the deadly COVID-19 disease.

Many cryptocurrency experts expect BTC to visit the $11,000 mark soon. However, there appears to be a notable resistance on that level, which could disrupt the bullish strength.

Reports show that Bitcoin is facing a significant sell wall at the $11,000 level on Binance and other major cryptocurrency exchanges.

Cryptocurrency analyst, Cole Garner, who specializes in order book analysis has said that there are about 2,800 BTC sell orders worth $30 million on Binance’s BTC/USDT order book, ready to be triggered once Bitcoin hits $11,000.

This has raised concerns over Bitcoin’s ability to clear the $11,000 resistance if it gets there in the near-term. Nonetheless, analysts are confident that it will scale this resistance despite the massive sell wall.

Another analyst has highlighted that gold is set to bounce-off a pivotal support level. This will give the cryptocurrency a further boost considering that BTC also shares a strong correlation with gold.

Key BTC Levels to Watch in the Near-Term

Bitcoin continues to battle against bears as it sets its eyes on $11k and above. Meanwhile, the converging trading range, as seen on our 4-hour chart, is nearing a meeting point. Bitcoin has to clear this level soon before that happens.

Immediate resistance can be spotted at the $10,800 level, followed by $10,900. On the flip side, Bitcoin would have to fall below $10,000 to get a bearish confirmation. Such a  bearish move is currently very unlikely and we can expect further price gains soon.

Total Market Cap: $343 billion

Bitcoin Market Cap: $198 billion

BTC Dominance Index: 57.7%

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