Bitcoin Price Stuck at $83,700 as Whale Orders Stack Up Against $90,000 Resistance
The Bitcoin price has recovered from its June lows and is currently trading near $83,700. However, it still faces significant resistance in the $85,000 to $90,000 area, where large sell orders and liquidation liquidity have concentrated.
This resistance zone is crucial because a move through these levels could trigger short liquidations and increase momentum. On the other hand, if the price falls below $82,000, it may lead to increased downside volatility towards $80,000 to $78,000.
The Coinglass whale order chart shows substantial sell-side liquidity layered above the current market price, with large orders appearing around $85,700, $87,000, and $89,000. The prominent concentration of over $20 million in sell orders around the $90,000 level makes it a potential overhead supply.