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There’s a $8 Million Bitcoin Sell Wall That Will Haunt Any Near-Term Uptrend

The price action over the past few days has undoubtedly been positive for Bitcoin. Case in point: the cryptocurrency ripped over 20% higher from the mid-$7,000s to a price as high as $9,500 over the course of 48 hours.Prices have since consolidated at $8,800, with BTC finding itself stuck between support around $8,500 and resistance at the ever-important level of $9,000.The consolidation, unfortunately, could result in a further sell-off as an analyst has noted that a large Bitcoin sell wall has formed on Binance.Sell Wall Could Put Stop to RalliesAlthough Bitcoin has been making attempts at rallying higher over the past few hours as of this article’s writing, a top analyst observed that a sell wall consisting of 1,000 Bitcoin — worth over $8 million — has just recently appeared on Binance.Should BTC fail to catch a bid during any attempt at rallying in the coming hours, it could be strongly rejected by the Binance sell wall, which will act as resistance for the cryptocurrency market as long as it is on the order book.bitcoin sell wall chartChart from @Yodaskk (Twitter)Adding to the threat the sell wall poses to Bitcoin in the near term, Bloomberg also recently observed that the cryptocurrency recently became technically overbought “based on the GTI Global Strength Indicator,” with the momentum oscillator recently crossing above 70.“With Wednesday’s jump above $8,000, the largest cryptocurrency entered overbought territory based on the GTI Global Strength Indicator. Assets are considered overbought if the reading exceeds 70 and could indicate that it may be difficult for the token to notch additional gains in the short-run,” the outlet wrote.