Joseph Young: profit-fixing rally stopped above $ 9000

According to the well-known analyst Joseph Young, during the take-off of the price of bitcoin to marks near $ 9400, large traders took profits on over-the-counter platforms.

Referring to the Theta Seek option trader, Young said that record-breaking sales were recorded on several OTC platforms after digital gold reached a high mark.

“In a conversation with several OTC firms, I found out that a record amount of BTC was sold at a price above $ 9,000.”- said Theta Seek.

A sharp increase in the number of sales requests is alsowas traded on the OKEx futures exchange. The latter, along with Huobi, managed to obtain permission from the PRC government to open platform access for Chinese investors.

Below in the screenshot of the OKEx exchange chart, large clusters of sell orders above $ 9000 are visible:

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According to skew, today OKEx is the largestcrypto derivative exchange in terms of open interest. Consequently, seller pressure on this exchange could have a serious short-term effect on the price of bitcoin.

Also, according to Young, a significant increasetrading volumes were observed on the largest spot exchanges - Binance and Coinbase. Consequently, not only whales on OTC platforms, but also many retail players have shown significant activity in the last three days.

Recall, in anticipation of the growth of bitcoin to $ 9000, the largest issuer of stablecoins Tether printed 160 million USDT.