Bitcoin price holds $10.5K but a $30M sell wall looms overhead

According to Cole Garner, a well-respected on-chain analyst, there is a 2,800 BTC sell wall on Binance.

With Bitcoin price currently trading at $10,700, this is equivalent to a batch of sell orders worth $30 million on just one exchange.

In the past two years, Bitcoin recorded net negative returns in the fourth quarter.

As Bitcoin heads into the fourth quarter there are several macro risks that could slow down its momentum.

Atop the negative fundamental factors that could apply pressure on BTC, technicals suggest the probability of a breakout remains low.

The massive sell wall on Binance is one of many technical reasons that a volatility spike is unlikely and possibly why Bitcoin price has been unable to push through the resistance level at $11,000.

A few positives are, Bitcoin has also vigorously defended the $10,500 support level in the past week and the digital asset's technical structure and sentiment are not bearish.

Based on the recent Bitcoin price trend and the large Binance sell wall, Garner emphasized that reaccumulation might occur.

Although technical factors might cause BTC to trade sideways between $10,500 and $11,000, industry executives say Bitcoin's fundamentals remain overwhelmingly positive.

Rafael Schultze-Kraft, the chief technical officer at glassnode, said Bitcoin has "Massive room to grow."