Bitcoin stalls below $38K as analysis hints ‘Notorious B.I.D.’ is back

<p> <br />
</p>
<div data-v-8081b7b6="">
<p>Bitcoin (BTC) sought to rematch 18-month highs into Nov. 21 as order book activity gave one analyst a sense of deja-vu.</p>
<figure><img decoding="async" src="https://s3.cointelegraph.com/uploads/2023-11/35d12365-97f2-4398-87cd-84f32b81e245.png" /><figcaption><em>BTC/USD 4-hour chart. Source: TradingView</em></figcaption></figure>
<h2>Whale games conjure Bitcoin’s Q1 2023</h2>
<p>Data from Cointelegraph Markets Pro and TradingView showed BTC price momentum building to top out at $37,770 the day prior.</p>
<p>Now circling $37,400, Bitcoin remained in a range, which had also characterized the second week of the month.</p>
<p>For on-chain monitoring resource Material Indicators, however, the market was more akin to Q1 this year — the period which marked the start of Bitcoin’s recovery from post-FTX lows.</p>
<p>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.</p>
<p>Specifically, bid liquidity had come and gone at $33,000 “7 times in the last 30 days,” it <a href="https://twitter.com/MI_Algos/status/1726739577790943627/photo/1" target="_blank" rel="noopener nofollow">told</a> X subscribers.</p>
<blockquote><p>“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.”</p></blockquote>
<figure><img decoding="async" src="https://s3.cointelegraph.com/uploads/2023-11/240050ce-5697-463a-b818-01918ba18519.jpeg" /><figcaption><em>BTC/USDT liquidity data. Source: Material Indicators/X</em></figcaption></figure>
<p>An accompanying snapshot of BTC/USDT liquidity also showed sellers lining up at and immediately below $38,000.</p>
<p>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.</p>
<p>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.</p>
<blockquote>
<p lang="en" dir="ltr">The bid wall at $33k disappeared AGAIN and Brown MegaWhales bought resistance at the local top AGAIN.</p>
<p>If you think MegaWhales have an issue with timing, re-read the thread I shared from <a href="https://twitter.com/MI_Algos?ref_src=twsrc%5Etfw">@MI_Algos</a>. </p>
<p>No telling how long they keep this game going. Of course, I have my theory about… <a href="https://t.co/sEZuvSgWIs">pic.twitter.com/sEZuvSgWIs</a></p>
<p>— Keith Alan (@KAProductions) <a href="https://twitter.com/KAProductions/status/1726636389658161394?ref_src=twsrc%5Etfw">November 20, 2023</a></p></blockquote>
<h2>“Swift breakdown” could follow tap of $40,000</h2>
<p>Forecasting what could come next, meanwhile, Michaël van de Poppe, founder and CEO of trading firm Eight, refused to take $40,000 off the table.</p>
<p><strong><em>Related: 70% of BTC dormant for a year — 5 things to know in Bitcoin this week</em></strong></p>
<p>“Bitcoin continues to push higher and higher. Making higher lows, and attacking the resistance for the fourth time,” he <a href="https://twitter.com/CryptoMichNL/status/1726890934825345215" target="_blank" rel="noopener nofollow">commented</a> on overnight events. </p>
<blockquote><p>“Wouldn’t be surprised with a breakout upwards to $40K and then a swift breakdown again. Keep on buying the dips!”</p></blockquote>
<figure><img decoding="async" src="https://s3.cointelegraph.com/uploads/2023-11/f785b4df-0190-42de-928c-73f627f05cb9.png" /><figcaption><em>BTC/USD annotated chart. Michaël van de Poppe/X</em></figcaption></figure>
<p>Popular analyst Matthew Hyland cautioned that relative strength index (RSI) could be at risk of printing a bearish divergence with price should the latter fail to pass current 18-month highs just below $38,000.</p>
<p>At the time of writing, bulls were still unable to summon the required momentum.</p>
<blockquote>
<p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> still all going to plan</p>
<p>Price and RSI are moving up </p>
<p>Both will need to put in higher highs to prevent any opportunity at bearish divergence </p>
<p>Will continue to update this situation: https://t.co/yNCi1fBuz2 <a href="https://t.co/1XxPhiDd28">pic.twitter.com/1XxPhiDd28</a></p>
<p>— Matthew Hyland (@MatthewHyland_) <a href="https://twitter.com/MatthewHyland_/status/1726783610571628861?ref_src=twsrc%5Etfw">November 21, 2023</a></p></blockquote>
<p>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.
</p>
<p><template data-name="subscription_form" data-type="markets_outlook"/></div>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script><br />
<br /><br />
<br /><a href="https://cointelegraph.com/news/bitcoin-stalls-below-38k-analysis-notorious-b-i-d">Source link </a></p><p>The post <a href="https://forextraderhub.com/bitcoin-stalls-below-38k-as-analysis-hints-notorious-b-i-d-is-back.html">Bitcoin stalls below $38K as analysis hints ‘Notorious B.I.D.’ is back</a> first appeared on <a href="https://forextraderhub.com">Forex Trader Hub</a>.</p>