Bitcoin went into the weekend on a strong note, taking out $11,000 and holding above it. But after the cryptocurrency made an attempt at $11,200 a rejection has the asset’s price back to $10,500 where its now at risk of a steeper correction.
Blockchain data shows that the weekend crash could have been driven by whales offloading their BTC. But why did the flow of “whale” funds suddenly get so “intense” and what does this say about how deep the correction goes?
Live From Saturday Night! Weekend Bitcoin Price Pump Rejected
The leading cryptocurrency by market cap appeared primed to pump all through the weekend, but halfway through came to a halt. On Saturday, Bitcoin price set a peak high of $11,180 on crypto exchange Coinbase before a sharp reversal.
The rejection from the high sent the crypto asset’s price momentum downward, breaking down through the bottom trend line support of a rising wedge chart pattern.
BTCUSD Ascending Wedge Confirms Head and Shoulders S:R Flip | Source: TradingView
Ascending wedges are typically bearish reversal patterns. The rising and narrowing structure tricks market participants into believing an asset’s