Bitcoin Price Rejected at $24,000

Bitcoin continues to consolidate lower on August 9 as a familiar resistance maintains the trading range that has been present for several months.

Bitcoin (BTC) continues to consolidate lower on August 9 as a familiar resistance maintains the trading range that has been present for several months.

Bitcoin Whales Main Source of Resistance

According to data from Cointelegraph Markets Pro and TradingView, the BTC/USD pair slumped below $24,000 after being rejected near $24,200.

Although the pair started the week with a rapid rise, this momentum weakened as it approached the upper end of the trading range, which has been present since mid-June.

Therefore, the dream of bulls to create a new low or rise to the levels seen at the end of July was in vain. BTC/USD is consolidating around $23,500 as of the time of translation.

On-chain analytics resource Whalemap said that originally realized price is starting to form levels that are hard to beat.

Whalemap, which monitors buy and sell orders from major players to identify possible support and resistance zones, highlighted the various average prices at which BTC supply was last moved in its August 8 Twitter update.

A chart shared by the platform grouped the actual price by wallet size and showed at what price BTCs belonging to certain whale groups were last moved.

“The actual price bands are the main thing creating resistance to Bitcoin right now,” Whalemap commented.

Other support and resistance levels available this week include the 100-day and 200-week moving averages (MA).

Popular investor Credible Crypto, on the other hand, thinks that there may be a deeper correction and a decline to $ 23,360. However, this move is not enough to disrupt the trend even on low timeframes, according to the investor.