The latest market coverage by trading resource Material Indicators on March 20 reveals why BTC/USD is stuck in its current range.“Spoofy the whale” gets blame for BTC price rangeBitcoin has managed to sustain $80,000 as support for more than a week while hitting two-week highs of $87,500 on March 20. Despite following broad volatility across risk assets, BTC/USD may have gone even higher were it not for maneuvers of large-volume trading entities on exchange order books.
Otherwise you're at risk of visiting those lower liquidity clusters which then can end up in a full retrace as price is still choppy,” part of his own X post explained.“Local market structure is trying to shift to a small uptrend but the bulls need to step in and keep it that way or it will just be a quick deviation/short stop hunt.”BTC/USDT liquidation heatmap.
Source: Daan Crypto Trades/XDaan Crypto Trades paid additional attention to the 200-day simple moving average (SMA) and exponential moving average (EMA), key bull market trendlines that bulls are currently in the process of trying to flip to support at around $85,000.BTC/USD 1-day chart.
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Author / Journalist: Cointelegraph by William Suberg
The story "Here’s why Bitcoin price can’t go higher than $87.5K" has 458 words across 19 sentences, which will take approximately 2 - 4 minutes for the average person to read.
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