Bitcoin Price Falls Below $38,000 as Analysis Suggests “Notorious BID” Is Back
Bitcoin BTC $36,769 Analysts felt a sense of déjà vu as they compared order books to 18-month highs.
Whale Games Predicts Bitcoin’s First Quarter of 2023
Data from TradingView shows that BTC prices have been steadily rising, reaching a high of $37,770 the previous day.
Bitcoin is currently around $37,400, remaining in the same range as the second month of the year.
According to the Material Indicators on-chain monitoring tool, the market looked more like it did in the first quarter of this year when Bitcoin began its recovery after the FTX crash.
Based on an analysis of order book data at the time, this suggested that a major liquidity provider, unofficially dubbed “Notorious BID,” could once again influence supply support.
X subscribers (formerly Twitter users) were told that the bid liquidity was $33,000 and had changed “seven times” in the last 30 days.
“I cannot confirm whether this is the entity I called Notorious BID in Q1. However, I can tell you that we have seen them played before.”
A snapshot of BTC/USDT liquidity also shows that sellers are under and lined up at the same level as $38,000.
The only cohort of whales that was active was the one with the highest order – between $1,000,000 and $10,000,000 – while all others were in line over the course of the week.
Keith Alan, co-founder of Material Indicators, commented on the situation, arguing that the companies behind buy orders may be more organized than just high-volume traders.
The bid wall at $33k disappeared AGAIN and Brown MegaWhales bought resistance at the local top AGAIN.
If you think MegaWhales have an issue with timing, re-read the thread I shared from @MI_Algos.
No telling how long they keep this game going. Of course, I have my theory about… pic.twitter.com/sEZuvSgWIs
— Keith Alan (@KAProductions) November 20, 2023
The “rapid collapse” that occurs after siphoning off $40,000.
When Michael van de Poppe was asked about the future, he refused to give up $40,000.
Commenting on the night’s events, he said that for the fourth consecutive day he was “hitting higher lows and attacking resistance.
“I wouldn’t be surprised if the market rose to $40,000 and then fell again. “Keep buying on dips!”
Matthew Hyland, a popular analyst, warned that the Relative Strength Indicator (RSI). ) would change if the price does not exceed the current 18-month high of just under $38,000. can print a divergence in the opposite direction.
At the time of publishing this article, the bulls have still not been able to muster the necessary momentum.
