Bitcoin Shatters Sell Wall, Accelerates Toward New Heights
Bitcoin broke through its $82,000 sell wall on Monday morning and quickly accelerated toward $85,000. This resistance area has repeatedly stopped the cryptocurrency's recovery attempts in May and September.
The level around $82,000 was established as a major barrier for Bitcoin's broader recovery by technical analysts. The repeated failures to break through this area have concentrated buying and selling pressure around it.
Despite some negative news, including higher interest rates from the Federal Reserve and the Senate's failure to advance the Clarity Act, Bitcoin has managed to climb back above $80,000. This is a significant development for bulls, as the market was able to shrug off these 'obvious excuses' to sell.
The move back above $82,000 triggered substantial short liquidations, forcing bearish positions to close by buying Bitcoin back. Fresh estimates put liquidations during the rebound at roughly $500 million, while spot ETF inflows provided genuine buying demand underneath the move.