Bitcoin To Likely Breakout as Whales Close in On Sideways BTC Price


BTC stayed strictly rangebound today, August 24, 2022, as sellers and buyers attempt to spark a breakout. BTC/USD currently hovers around $21,500 at the Wall Street open.

The pair had seen little action in the 24 hours prior, entering the fifth day of sideways movement within an increasingly tight range.

Data from Binance uploaded to social media by on-chain monitoring resource Material Indicators hinted that the status quo was frustrating exchange users, including whales.

At the time of writing, bids were inching higher towards spot price, while seller interest was building at $21,600.

The result could be volatility as liquidity reduces the range in which BTC/USD floats — either to the upside or downside, depending on whether buyers or sellers win out.

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