{"id":14156,"date":"2023-11-21T11:49:49","date_gmt":"2023-11-21T11:49:49","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=14156"},"modified":"2023-11-21T11:49:51","modified_gmt":"2023-11-21T11:49:51","slug":"bitcoin-stalls-below-38k-as-analysis-hints-notorious-b-i-d-is-back","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=14156","title":{"rendered":"Bitcoin stalls below $38K as analysis hints &#8216;Notorious B.I.D.&#8217; is back"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) sought to rematch 18-month highs into Nov. 21 as order book activity gave one analyst a sense of deja-vu.<\/p>\n<p><em>BTC\/USD 4-hour chart. Source: TradingView<\/em><\/p>\n<h2>Whale games conjure Bitcoin&#8217;s Q1 2023<\/h2>\n<p>Data from Cointelegraph Markets Pro\u00a0and TradingView showed BTC price momentum building to top out at $37,770 the day prior.<\/p>\n<p>Now circling $37,400, Bitcoin remained in a range, which had also characterized the second week of the month.<\/p>\n<p>For on-chain monitoring resource Material Indicators, however, the market was more akin to Q1 this year \u2014 the period which marked the start of Bitcoin\u2019s recovery from post-FTX lows.<\/p>\n<p>Analyzing order book data, it suggested that a major liquidity provider which it informally called the \u201cNotorious B.I.D.\u201d at the time could be shaping bid support once again.<\/p>\n<p>Specifically, bid liquidity had come and gone at $33,000 \u201c7 times in the last 30 days,\u201d it told X subscribers.<\/p>\n<p>\u201cI can&#8217;t confirm whether this is the entity I named Notorious B.I.D. back in Q1, but I can tell you we&#8217;ve seen this game played before.\u201d<em>BTC\/USDT liquidity data. Source: Material Indicators\/X<\/em><\/p>\n<p>An accompanying snapshot of BTC\/USDT liquidity also showed sellers lining up at and immediately below $38,000.<\/p>\n<p>Among whales, it was the largest order class \u2014 between $1 million and $10 million \u2014 which was the only active cohort, with others unanimously decreasing exposure through the week.<\/p>\n<p>Commenting on the situation, Material Indicators co-founder Keith Alan argued that the entities behind the buy orders could be more organized than merely large-volume speculators.<\/p>\n<p lang=\"en\" dir=\"ltr\">The bid wall at $33k disappeared AGAIN and Brown MegaWhales bought resistance at the local top AGAIN.<\/p>\n<p>If you think MegaWhales have an issue with timing, re-read the thread I shared from @MI_Algos. <\/p>\n<p>No telling how long they keep this game going. Of course, I have my theory about\u2026 pic.twitter.com\/sEZuvSgWIs<\/p>\n<p>\u2014 Keith Alan (@KAProductions) November 20, 2023<\/p>\n<h2>&#8220;Swift breakdown&#8221; could follow tap of $40,000<\/h2>\n<p>Forecasting what could come next, meanwhile, Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight, refused to take $40,000 off the table.<\/p>\n<p><strong><em>Related:\u00a070% of BTC dormant for a year \u2014 5 things to know in Bitcoin this week<\/em><\/strong><\/p>\n<p>\u201cBitcoin continues to push higher and higher. Making higher lows, and attacking the resistance for the fourth time,\u201d he commented on overnight events. <\/p>\n<p>\u201cWouldn&#8217;t be surprised with a breakout upwards to $40K and then a swift breakdown again. Keep on buying the dips!\u201d<em>BTC\/USD annotated chart. Micha\u00ebl van de Poppe\/X<\/em><\/p>\n<p>Popular analyst Matthew Hyland cautioned that relative strength index (RSI) could be at risk of printing a bearish divergence with price should the latter fail to pass current 18-month highs just below $38,000.<\/p>\n<p>At the time of writing, bulls were still unable to summon the required momentum.<\/p>\n<p lang=\"en\" dir=\"ltr\">#Bitcoin still all going to plan<\/p>\n<p>Price and RSI are moving up <\/p>\n<p>Both will need to put in higher highs to prevent any opportunity at bearish divergence <\/p>\n<p>Will continue to update this situation: https:\/\/t.co\/yNCi1fBuz2 pic.twitter.com\/1XxPhiDd28<\/p>\n<p>\u2014 Matthew Hyland (@MatthewHyland_) November 21, 2023<\/p>\n<p class=\"post-content__disclaimer\">This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-stalls-below-38k-analysis-notorious-b-i-d\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) sought to rematch 18-month highs into Nov. 21 as order book activity gave one analyst a sense of deja-vu. BTC\/USD 4-hour chart. Source: TradingView Whale games conjure Bitcoin&#8217;s Q1 2023 Data from Cointelegraph Markets Pro\u00a0and TradingView showed BTC price momentum building to top out at $37,770 the day prior. Now circling $37,400, Bitcoin [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":14157,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-14156","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/14156","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=14156"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/14156\/revisions"}],"predecessor-version":[{"id":14158,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/14156\/revisions\/14158"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/14157"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14156"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14156"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14156"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}