Bitcoin Targets 18-Month High As Major Players Bolster Bids
Summary:
Bitcoin (BTC) is attempting to reach an 18-month high, resembling previous patterns from early 2023. Analytical data suggests that significant liquidity providers may be bolstering bid support. Among Bitcoin whales, only orders between $1 million and $10 million remain active. While experts foresee the possibility of Bitcoin hitting $40,000, they also issue a warning about a potential bearish downturn.
Bitcoin (BTC) appears to be rearing up for an 18-month high, reminding one analyst of earlier patterns seen in 2023. According to data from Cointelegraph Market Pro and TradingView, BTC is striving to exceed the previous day's $37,770, now hovering around $37,400. This mirrors a familiar pattern from the second week of the month.
Material Indicators, a resource tracking on-chain activity, likened the current market activity to that of the first quarter of the year, specifically when Bitcoin began its recovery phase after hitting post-FTX lows. Based on order book data analysis, it seems like a significant liquidity provider, informally referred to as the “Notorious B.I.D,” might be reinforcing bid support, similar to events seen in the first quarter.
The order book data revealed fluctuations in bid liquidity at $33,000 over the past 30 days. BTC/USDT liquidity data supported these findings, displaying clustering sellers slightly below the $38,000 mark. In terms of whales, only those with orders in the range of $1 million and $10 million were active while others scaled down their exposure.
Material Indicators co-founder, Keith Alan, theorized that the entities placing these buy orders could potentially be a more organized group than just large-scale speculators.
Michaël van de Poppe, the Founder and CEO of trading firm Eight, suggested that $40,000 is still within reach. He noted Bitcoin's upward movement and advised purchasing on dips.
On a cautious note, Matthew Hyland, a popular analyst, alerted that the relative strength index (RSI) might demonstrate a bearish trend if the price fails to cross the current 18-month highs near $38,000.
This news piece should not be interpreted as financial advice or guidance. Investing and trading involve risks, hence individuals should thoroughly research and contemplate their decisions.
Published At
11/21/2023 11:24:47 AM
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