Bitcoin sellers keep BTC price action in check amid $45K ‘fakeout’ warning

Bitcoin sellers keep BTC price action in check amid $45K 'fakeout' warning

Bitcoin (BTC) took a breather from its latest upside on March 26 after predicted resistance kicked in just under the yearly open.

Bitcoin sellers keep BTC price action in check amid $45K 'fakeout' warning

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Bitcoin fakeouts: Third time’s the charm?

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD lingering around $44,500 Saturday, preserving the lion’s share of the week’s progress.

Traders had sounded the alarm on a possible retracement after a large sell wall appeared on major exchange Bitfinex. In the event, sell-side pressure prevailed, halting bulls’ advance at just above $45,000.

“Still waiting to see how price trades around yearly open. The prev times I targeted it we came up short but got very close although this time looks better for BTC. Almost there,” popular trader Pentoshi summarized.

Fellow Twitter user B C Richfield meanwhile highlighted the need to crack the current local high of $45,135, after two “fakeouts” on lower timeframes. A failure to do so, he argued prior to the high occurring, would be bad news.

Bitcoin sellers keep BTC price action in check amid $45K 'fakeout' warning

Bitcoin total transaction fees chart. Source: Blockchain

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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