{"id":14335,"date":"2023-12-05T17:13:35","date_gmt":"2023-12-05T17:13:35","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=14335"},"modified":"2023-12-05T17:13:36","modified_gmt":"2023-12-05T17:13:36","slug":"btc-price-sets-new-19-month-high-in-choreographed-bitcoin-whale-move","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=14335","title":{"rendered":"BTC price sets new 19-month high in \u2018choreographed\u2019 Bitcoin whale move"},"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) returned above $42,000 on Dec. 5 as analysis remained suspicious of market manipulation.<\/p>\n<p><em>BTC\/USD 1-hour chart. Source: TradingView<\/em><\/p>\n<h2>Analysis: New Bitcoin bids are not \u201corganic\u201d<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView showed a BTC price rebound taking BTC\/USD to highs of $42,498 on Bitstamp.<\/p>\n<p>These beat the 19-month peak set the day prior, with retracements being short-lived amid a general atmosphere of excitement throughout crypto.<\/p>\n<p>As Bitcoin continued to reclaim ground lost in mid-2022, however, warnings over the rally\u2019s sustainability continued to flow in. These centered on the behavior of large-volume traders, also known as whales.<\/p>\n<p>In a dedicated thread about the phenomenon on X (formerly Twitter), trading resource Material Indicators explained that from order book liquidity cues, it appeared that these traders could be deliberately coordinating higher prices in order to sell into an uptrend with minimal slippage.<\/p>\n<p>The more liquidity available near the intended selling point, the better value a major sell-off would bring.<\/p>\n<p>\u201cWe saw the exact game played over the wknd with a $50M buy wall at $35k, and it often works. Now we have $50M stacked at $38.5k,\u201d Material Indicators noted, calling current order book action a \u201cstrategically choreographed distribution game.\u201d<\/p>\n<p>The analysis reasoned that a return to $38,500 was unlikely, but that new blocks of bid liquidity \u2014 including one at $41,500 \u2014 were not \u201corganic.\u201d<\/p>\n<p>That said, upside continuation could easily form the norm into next year, as a sense of anticipation over both macroeconomic changes and a United States approval of its first Bitcoin spot price exchange-traded fund (ETF) sets the tone.<\/p>\n<p>\u201cWith BTC liquidity strategically moving around the game board we are likely to see this rally extend,\u201d Material Indicators forecast.<\/p>\n<p>\u201cOptimism around the Dec FED rate decision and Jan ETF decision can push things higher and fuel euphoria, so be prepared for what comes after that.\u201d<em>BTC\/USDT order book liquidity data. Source: Material Indicators\/X<\/em><\/p>\n<h2>$48,000 forms next optimistic BTC price target<\/h2>\n<p>Other market commentators eyed similarly bullish short-term BTC price signals.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin short-term holder sales near $5B as profit-taking mimics 2021<\/em><\/strong><\/p>\n<p>Popular trader Daan Crypto Trades noted declining open interest during the consolidation phase, which preceded the day\u2019s Wall Street open.<\/p>\n<p lang=\"en\" dir=\"ltr\">#Bitcoin Consolidating as Open Interest is going down as well.<\/p>\n<p>Likely some longs that are taking profit up here a swell.<\/p>\n<p>There&#8217;s a decent sized wall below price  at ~$41K that is holding it up right now. pic.twitter.com\/OunDBN6EPa<\/p>\n<p>\u2014 Daan Crypto Trades (@DaanCrypto) December 5, 2023<\/p>\n<p>For trader, analyst and podcast host Scott Melker, meanwhile, the four-hour chart said it all.<\/p>\n<p>\u201cBitcoin consistently breaks above \u2018bearish\u2019 ascending patterns in a bull market. And this one is currently being retested as support,\u201d part of his X commentary on an accompanying graphic.<\/p>\n<p><em>BTC\/USD chart with breakout and support retest. Source: Scott Melker\/X<\/em><\/p>\n<p>Zooming out further, the popular social media commentator known as Moustache saw no reason for the current bull market to diverge from previous ones in terms of BTC price patterns.<\/p>\n<p>\u201c$48,000 is inevitable. If this is broken, I even see ~$60,000 for Bitcoin in the near future,\u201d he argued alongside a chart showing price phases divided into waves.<\/p>\n<p>\u201cIn the past, BTC has always returned to wave (B). Why should it be different this time?\u201d<em>BTC\/USD annotated chart. Source: Moustache\/X<\/em><\/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\/btc-price-new-19-month-high-choreographed-bitcoin-whale-move\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) returned above $42,000 on Dec. 5 as analysis remained suspicious of market manipulation. BTC\/USD 1-hour chart. Source: TradingView Analysis: New Bitcoin bids are not \u201corganic\u201d Data from Cointelegraph Markets Pro and TradingView showed a BTC price rebound taking BTC\/USD to highs of $42,498 on Bitstamp. These beat the 19-month peak set the day [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":14336,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-14335","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\/14335","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=14335"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/14335\/revisions"}],"predecessor-version":[{"id":14337,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/14335\/revisions\/14337"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/14336"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14335"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14335"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14335"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}