Bitcoin buy walls now sufficient to neutralize prevalent sell walls

Latest data from CryptoQuant shows that Bitcoin’s buy walls have reached great strength across all exchanges.

These buy walls are now enough to offset selling pressure as the market tries to recover. This suggests that there is strong enough demand for Bitcoin (BTC) to accommodate the selling volume that might otherwise continue to push prices down.

The chart, which covers the period from early 2023 to mid-October 2024, shows that Bitcoin has faced intense selling pressure in the last few months, but this trend has reversed in recent weeks.

As of October 12, Bitcoin’s buy walls reached a strong level of 895 million, while sell walls fell to zero. This means buyers are willing to step in at significant levels; The recent decline in foreign exchange reserves confirms this trend.

Strong buy walls also indicate growing confidence. When buying walls outweigh selling walls, prices tend to stabilize or rise. If this trend continues, Bitcoin could see further bullish momentum depending on liquidity and investor sentiment.

Especially after Sunday’s struggle, the first-born cryptocurrency started the new week on a strong footing. Bitcoin is up 2.80% in the last 24 hours and is trading at $64,630 at the time of writing.

BTC 1-day chart – October 14 | Source: crypto.news

The MACD indicator has turned bullish, signaling renewed buying momentum. BTC is facing strong resistance at the upper Bollinger Band at $66,325. A break above this level could push the asset towards $68,000 or higher in the short term.

Meanwhile, the 20-day moving average provides support at $62,832, while the lower Bollinger Band offers additional support at $59,338. Given the bullish MACD crossover and the recent rally on buy walls, Bitcoin looks poised for further gains provided it breaks its current resistance.