Traders say Bitcoin price bounce is overdue after a ‘massive’ BTC long position appears

cointelegraph.com:

Bitcoin (BTC) traded in an increasingly narrow range on Sept. 6 as bets piled in over an imminent breakout.

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD staying under $20,000 for a fourth straight day with bulls failing to crack resistance.

As many wondered when and how the latest consolidation phase would end, two popular social media traders noticed an ongoing accumulation trend by an unknown large-scale Binance futures trading entity.

With retail investors selling, that entity had spent several days soaking up the liquidity, and the result was likely obvious.

“Bounce incoming,” Il Capo of Crypto predicted in part of an update on the phenomenon, describing the entity’s long BTC position as “massive” and “easily” worth 30,000 BTC or more.

And even more. Big long position there. Massive.Bounce incoming. https://t.co/ENOo2HLCXv pic.twitter.com/OiaTagLzZP

“There is quite an interest at 19,650$ at Binance futures,” fellow trading account JACKIS continued.

Order book data from Binance uploaded to Twitter by on-chain monitoring resource Material Indicators meanwhile showed resistance building overhead into Sep. 6.

Elsewhere, trader Crypto Tony warned that altcoins were exceeding Bitcoin’s intraday gains, something that called for caution. Ethereum (ETH) was up 4% on the day ahead of the Sep. 15 Merge event.

“Bitcoin isn't moving while Ethereum and Altcoins move, which makes sense while people try and make the most of the upcoming merge,” he tweeted.

On macro, the U.S. dollar was the major focus once again as it hit new multi-decade highs against a basket of trading partner currencies.

Related: BTC price sees new $20K showdown — 5 things to know in Bitcoin this week

The U.S. dollar index (DXY) passed 110.55 on the