As order activity reminded one analyst of the 18-month highs, Bitcoin BTC ticked down $37,191 and attempted to repeat those levels until November 21. TradingView and Cointelegraph Markets Pro data revealed that the price of Bitcoin was gaining momentum and peaking at $37,670 a couple of days before. With the price of Bitcoin now hovering at $37,400, it was still within the same range as the subsequent week of the year. However, for the on-chain surveillance resource MI, the market has been more similar to the first quarter of this year, which was the beginning of Bitcoin’s bounce back from the post-FTX nadir.
An examination of the data retrieved from the order book proposed that a significant liquidity supplier—which had jokingly been referred to as the “Notorious B.I.D.” back then—might be influencing bid aid once more.
“Swift breakdown” In Bitcoin Can Occur After The $40,000 Tap
In particular, bid liquidity has vanished around $33,000. It informed subscribers of X (previously Twitter) “seven times within the preceding 30 days.” “We’ve seen this game played before, but I can’t verify if this is the organization I designated as Notorious B.I.D. in Q1.” A picture of the USDT/BTC liquidity that went along with it also revealed sellers lined up at just around $38,000.
The only active cohort among whales was the biggest order class, valued at around $1M to approximately $10 million; all other order classes saw their exposure decline over the course of the week. Co-founder of Material Indicators Keith Alan commented on the incident, speculating that there could have been a bit more organized parties behind the purchase orders than just high-volume traders. Michaël Poppe, the CEO and founder of trading company Eight, declined to take $40K off the table, speculating on what would happen next. Bitcoin just keeps becoming bigger and bigger.
