The post Bitcoin stalls below $38K as analysis hints ‘Notorious B.I.D.’ is back appeared on BitcoinEthereumNews.com.

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’s Q1 2023 Data from Cointelegraph Markets Pro and TradingView showed BTC price momentum building to top out at $37,770 the day prior. Now circling $37,400, Bitcoin remained in a range that had also characterized the second week of the month. For on-chain monitoring resource Material Indicators, however, the market was more akin to Q1 this year — the period that marked the start of Bitcoin’s recovery from post-FTX lows. Analyzing order book data, it suggested that a major liquidity provider, which it informally called the “Notorious B.I.D.” at the time, could be shaping bid support once again. Specifically, bid liquidity had come and gone at $33,000 “7 times in the last 30 days,” it told X (formerly Twitter) subscribers. “I can’t confirm whether this is the entity I named Notorious B.I.D. back in Q1, but I can tell you we’ve seen this game played before.” BTC/USDT liquidity data. Source: Material Indicators/X An accompanying snapshot of BTC/USDT liquidity also showed sellers lining up at and immediately below $38,000. Among whales, it was the largest order class — between $1 million and $10 million — which was the only active cohort, with others unanimously decreasing exposure through the week. 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. 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……

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Filed under: News - @ November 22, 2023 3:10 am