After spending weeks moving sideways, BTC price seemed to be close to a new high. However, the cryptocurrency seems to be stuck just below the resistance level at $60,000.
Analyst Ben Lilly has published a report in which he determines what has caused the stalemate and how BTC has a “bullish combination” for the following weeks. The analyst has registered large sell walls near current levels. This, he claims, is part of a whale of a strategy to “attract” liquidity.
They do this by stalling prices near a breakout. Then after releasing the valve a bit, they can liquidate those built up as well as the newly added positions.
The key to an exit of the stock from the current price is the “unlocking” of a large amount of BTC from Grayscale’s fund could give bullish momentum. These unlockings will begin to occur in late April, the analyst says:
To me this continued sideways scenario makes the most sense