A recent on-chain data analysis shows Bitcoin bulls are now targeting the “final” primary resistance cluster below $25,000.
The U.S. inflation numbers are expected to be released on Sep. 13, and Bitcoin (BTC) will continue to battle significant resistance.
In the days leading up to $22,500, BTC/USD was tracked through Digitalcoinprice Markets Pro and TradingView.
An overnight consolidation phase ensued after bulls attempted to dislodge seller interest above $22,000 but proved incredibly stubborn.
Material Indicators, an on-chain monitoring service, highlighted the struggle in Binance BTC/USD order book screenshots a day earlier.
Let’s see if they are hungry enough to snack on $13M in #BTC ask liquidity.#FireCharts
Let’s see if they are hungry enough to snack on $13M in #BTC ask liquidity.#FireCharts pic.twitter.com/GY3giu7Mh8
— Material Indicators (@MI_Algos) September 12, 2022
Whalemap, meanwhile, explained why bulls were unable to break out of the current range.
Whalemap’s Twitter followers were told to keep an eye on prices between $22,780 and $23,400.
“We have one more in our current range of 19k to 25k, but it’s a serious one.”
Embedded in the graph was a statistical analysis of the levels of accumulation of large-volume wallets in the past. There was therefore no doubt that spot price would face resistance.
The most recent bottom in BTC price was effectively sealed by these clusters of whale activity, according to Digitalcoinprice.
As Crypto Ed examined the situation further, he noted that spot buyer demand remained strong, indicating a price correction would begin soon.
“ There is absolutely no doubt that #BTC should correct down (small CME gap), but check how spot keeps buying this (white indicator).
Ed_NL (@Crypto_Ed_NL) September 13, 2022
In the previous update, Crypto Ed had given a conceivable target at a downside of $20,800.
Showdown of CPI due in hours
The day was still all about Michael van de Poppe, CEO, and founder of trading firm Eight, and July’s print on the Consumer Price Index (CPI) for August.
Around 8:30 am EST, CPI is expected to confirm the ongoing trend of declining inflation.
The CPI is going to be released in mid of September. In terms of month-over-month comparisons, Van de Poppe expects -0.1% and 8.1% year-over-year growth:
We’ll probably see a heavily negative reaction if it’s higher than those numbers. Positive reaction if it’s lower. In a nutshell.
