Bitcoin breakout possible as whales close in on sideways BTC price
Order book data shows bids and asks narrowing as stocks inch higher and the U.S. dollar bounces back from a previous slip. Bitcoin (BTC) stayed strictly rangebound on Aug. 24 as buyers and sellers attempted to spark a breakout. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Spot price squeeze on the cards Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hovering near $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 the order book of major exchange 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 upsid...