“Monthly open has been swept again as well monthly buyers taken out. If bulls want higher & want to break this downtrend its here imo,” popular trader Skew wrote in part of hisCommenting on the events, trading resource Material Indicators suggested that large-volume institutional players may be at work.
“Speculating that some institutional entity may not want to see Bitcoin breakout over the weekend while the BTC ETF market is closed,” part of an X post read. An accompanying chart showed order book liquidity on the largest global exchange, Binance, including a new block around $62,500, which Material Indicators predicted could be lifted after the weekly close.
“I won't be the least bit surprised if this sell wall moves lower to push price down. I also won't be surprised if we see a roof pull after the W candle closes on Sunday,” the post continued.At the end of April, Rekt Capital predicted a major bout of downside for Bitcoin within a two-week period — something which“Bitcoin indeed downside wicked below the Re-Accumulation Range Low just like in 2016.
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