The price action of Bitcoin this Thursday was relatively uninteresting compared to the previous 48 hours.
The $ 1,700 jump was extremely significant, with Binance coping with a daily volume of $ 16 billion.
Similar values have not been reported since January 2018.
Glassnode data shows that USDT withdrawals also peaked all-time at $ 1,943,417 shortly after Bitcoin reached $ 9,450.
After the largest cryptocurrency reached $ 9,450, BTC adjusted by 11.36% to $ 8,394, at the time of writing, it is trading at $ 8,823. Such a withdrawal, which tests the old resistance, was expected. We are now waiting for a steady breakthrough in the $ 8,600 – $ 8,800 area, where there is a high volume node.
Above this level, the price will target $ 9,200- $ 9,400.
If Bitcoin fails to retain the $ 8,600 level, we may see a serious decline to about $ 7,900, where the 61.8% fib retreat is also located. With BTC firing through multiple resistances, it is very difficult to determine where there can be strong support between $ 7,900 and $ 8,600. During the upswing, small consolidations give us an idea of where we can expect support.
Therefore, if Bitcoin does not rebound from the 61.8% fiber readiness level, we are likely to see a decline to the $ 7,450- $ 7,600 area.
For the time being, it is important to monitor the one-hour chart in order to keep track of potential volume increases suggesting a further upward price action.