{"id":9451,"date":"2022-12-29T02:35:17","date_gmt":"2022-12-29T02:35:17","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=9451"},"modified":"2022-12-29T02:35:17","modified_gmt":"2022-12-29T02:35:17","slug":"bitcoin-price-bottom-not-in-data-says-as-whale-orders-hit-2-year-low","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=9451","title":{"rendered":"Bitcoin price bottom not in, data says as whale orders hit 2-year low"},"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) is not about to bottom at just below $17,000, warns a new analysis as bid liquidity dries up.<\/p>\n<p>In social media posts after Christmas, on-chain analytics resource Material Indicators flagged waning interest in protecting the current BTC price range.<\/p>\n<h2>Binance order book leaves \u201cnot much to be excited about\u201d<\/h2>\n<p>With volatility still largely absent from Bitcoin markets, analysts are keenly eyeing what could happen at this week\u2019s yearly close.<\/p>\n<p>The closing price for BTC\/USD on Dec. 31 will also mark the conclusion of the weekly and quarterly candles, and any flash volatility could turn 2022 into a nightmarish bear market year.<\/p>\n<p>As Cointelegraph reported, the pair is currently down around 60% year-to-date, while it has lost 76% versus its latest all-time high from November 2021.<\/p>\n<p>This may still not be enough to cap the bear market, various analysts have warned; and now, order book data appears to underscore the potential for fresh losses.<\/p>\n<p>\u201cNothing illustrates sentiment for a price level like liquidity, and there does not appear to be much sentiment for this price level being the bottom,\u201d Material Indicators commented on a chart of BTC\/USD order book activity on Binance.<\/p>\n<p><em>BTC\/USD order book chart (Binance). Source: Material Indicators\/Twitter<\/em><\/p>\n<p>On Dec. 27, another post argued that there was not \u201cmuch to be excited about\u201d given current order book volumes, these also showing large-volume traders reducing exposure.<\/p>\n<p>\u201cBTC ranging prices have a lot to do with declining whale interest,\u201d research firm Santiment continued on the topic.<\/p>\n<p>Another chart highlighted what Santiment said was a \u201ccorrelation\u201d between large transactions of $1 million or more and overall BTC price strength. Those transactions are now at their lowest levels since December 2020.<\/p>\n<p><em>BTC\/USD annotated chart. Source: Santiment\/Twitter<\/em><\/p>\n<p>\u201cIf prices continue sliding and a spike occurs, this would be a historically bullish signal,\u201d it added.<\/p>\n<h2>\u201cLower BTC prices to come\u201d<\/h2>\n<p>In its \u201cJust Crypto\u201d end-of-year summary and forecast, meanwhile, trading firm QCP Capital had more bad news for crypto hodlers.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin hodlers sit on record 8M BTC in unrealized loss, data shows<\/em><\/strong><\/p>\n<p>Both Bitcoin and Ether (ETH) are due to begin a \u201cWave 5 extension lower\u201d to begin 2023, analysts believe, in line with risk assets and the U.S. dollar and bonds seeing renewed strength.<\/p>\n<p>\u201cWe continue to expect any large rallies in BTC to meet significant selling pressure,\u201d they wrote, describing Bitcoin as \u201ctrading in lock-step\u201d with ETH.<\/p>\n<p>An additional correlation of its own centered on ARK Invest\u2019s ARK Innovation (ARKK) exchange-traded fund.<\/p>\n<p>\u201cARKK price action is leading BTC by 2 months, which forewarns of lower BTC prices to come,\u201d QCP added alongside a comparative chart.<\/p>\n<p><em>ARKK vs. BTC\/USD chart (screenshot). Source: QCP Capital<\/em><\/p>\n<p class=\"post-content__disclaimer\">The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<p><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-price-bottom-not-in-data-says-as-whale-orders-hit-2-year-low\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) is not about to bottom at just below $17,000, warns a new analysis as bid liquidity dries up. In social media posts after Christmas, on-chain analytics resource Material Indicators flagged waning interest in protecting the current BTC price range. Binance order book leaves \u201cnot much to be excited about\u201d With volatility still largely [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9452,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-9451","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\/9451","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=9451"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9451\/revisions"}],"predecessor-version":[{"id":9453,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9451\/revisions\/9453"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/9452"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9451"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9451"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9451"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}