BTC Failed to Surpass the $81,500 Mark as 'Whales' Built a Massive 'Sell Wall' at $81,000
Bitcoin failed to break decisively above $81,500 after hitting that level, encountering a massive "sell wall" near $81,000. The price peaked at $81,455 before sharply reversing, dropping to a low near $76,877 following Fed Chair Kevin Warsh's first speech at the Jackson Hole forum. This erased gains from late August and cut Bitcoin's weekly advance to about 2%, though it remains on track for double-digit monthly growth.
The reversal triggered significant liquidations totaling around $107 million in derivatives, with roughly $300 million in leveraged positions wiped out across crypto markets. Data indicates a heavy liquidity imbalance, with approximately $5.7 billion in bids concentrated between $75,000 and $78,500, compared to only about $2.8 billion in asks above $81,500. This suggests a deeper pullback remains a risk.
Order flow analysis shows whales maintaining strong sell walls between $80,800 and $83,000, while substantial buy orders cluster around $78,000-$79,000. While futures open interest has recovered and leverage is returning faster than organic spot demand, the failure to hold above $80,000 has weakened short-term momentum and tilted sentiment toward caution. In his speech, Warsh reiterated a cautious stance on inflation, advocating for traditional central bank management over forward guidance.
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