Bitcoin Is Strongly Holding To $20,000 Level As Whales Are Helping With Resistance

On October 7, the trading price of Bitcoin over $20,000 started to feel strong pressure coming in from the sellers.

As the tradition has been formed, the bears are attempting to sell BTC as its value rises over the $20k barrier. The bears attempt to pull BTC below the $20k barrier by selling it on a larger scale.

The Whales are resisting the Pressure

This time, the bears are going to find it difficult to pull BTC below the $20k barrier. Despite the selling pressure, it is the Bitcoin whales who have come in to support the bullish trend.

They are pouring in money to accumulate Bitcoin and keep the resistance off Bitcoin this time. The whales are putting in a great show, demonstrating their accumulating power and keeping Bitcoin over the $20k barrier.

The Bears are not Giving Up

Although the whales have the bears under control at the $20k barrier, they are not able to push them aside as they come close to $20,400.

The bulls and the whales have made a couple of attempts to push Bitcoin over $20,400. Both times, their efforts were not fruitful as the level was rejected by the investors.

This indicates that the sentiments of the investors are largely leaning toward the bearish trend.

$20,000 is a Disputed Level

For now, it has become clear that the $20k mark is a highly disputed level. This is where both the bulls and the bears are showing off their true accumulation and selling power.

It has become a point where both the bulls and the bears are demonstrating their strong sentiments.

Unemployment Data has Helped Bitcoin

The CEO and founder of Eight, Michael van de Poppe, talked about the upcoming price movement of Bitcoin.

Van de Poppe stated that the unemployment data that is to be shared by the Feds is going to hold a lot of value for Bitcoin.

If the unemployment rate grows, then the Feds will be forced to increase the interest rates, causing the USD to grow in value. This would strengthen the USD versus the BTC.

On the contrary, the price of the BTC may rise as the USD would weaken. But even if the BTC weakens against the USD, it would be a positive sign for the bulls.

They can continue accumulating BTC at a low price and finally, when things start going in their favor, their gains would increase at a significant rate.

If the USD loses its worth against the BTC, then the latter asset’s trading price would be able to cross the $20,400 benchmark, where resistance is heavy.

This could prove to be a point where the BTC price would earn itself a breakthrough after a long time versus the USD.