Traders say Bitcoin price bounce is overdue after a ‘massive’ BTC long position appears

Traders say Bitcoin price bounce is overdue after a ‘massive’ BTC long position appears

A Binance futures entity has been accumulating for days, and the result could be quite the squeeze, analysts believe.

Traders say Bitcoin price bounce is overdue after a ‘massive’ BTC long position appears

Bitcoin (BTC) traded in an increasingly narrow range on Sept. 6 as bets piled in over an imminent breakout.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Binance futures giant sucks in spent BTC

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD staying under $20,000 for a fourth straight day with bulls failing to crack resistance.

As many wondered when and how the latest consolidation phase would end, two popular social media traders noticed an ongoing accumulation trend by an unknown large-scale Binance futures trading entity.

With retail investors selling, that entity had spent several days soaking up the liquidity, and the result was likely obvious.

“Bounce incoming,” Il Capo of Crypto predicted in part of an update on the phenomenon, describing the entity’s long BTC position as “massive” and “easily” worth 30,000 BTC or more.

“There is quite an interest at 19,650$ at Binance futures,” fellow trading account JACKIS continued.

In a stark outlook for the coming year, popular macro analytics account Fejau forecast ongoing DXY strength as the European energy crisis unfolded.

The Federal Reserve, an extensive Twitter thread explained on Sept. 5, would face such dollar strength that it would be necessary to tame it artificially.

“We’re about to experience a sovereign debt crisis caused by the Europe energy crisis, all a capstone on the 100 year fiat expirement,” it summarized.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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