Fun

News Feed - 2023-11-21 08:11:47

William Suberg12 hours agoBitcoin stalls below $38K as analysis hints ‘Notorious B.I.D.’ is backBitcoin whale entities are bringing back the status quo from Bitcoin’s Q1 breakout, with the BTC price battleground now clearly defined.13645 Total views25 Total sharesListen to article 0:00Market UpdateJoin us on social networksBitcoin (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: TradingViewWhale 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… pic.twitter.com/sEZuvSgWIs— Keith Alan (@KAProductions) November 20, 2023 “Swift breakdown” could follow tap of $40,000


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.


Related: 70% of BTC dormant for a year — 5 things to know in Bitcoin this week


“Bitcoin continues to push higher and higher. Making higher lows, and attacking the resistance for the fourth time,” he commented on overnight events.“Wouldn’t be surprised with a breakout upwards to $40K and then a swift breakdown again. Keep on buying the dips!”BTC/USD annotated chart. Michaël van de Poppe/X


Popular analyst Matthew Hyland cautioned that the 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.


At the time of writing, bulls were still unable to summon the required momentum.#Bitcoin still all going to plan

Price and RSI are moving up

Both will need to put in higher highs to prevent any opportunity at bearish divergence

Will continue to update this situation: https://t.co/yNCi1fBuz2 pic.twitter.com/1XxPhiDd28— Matthew Hyland (@MatthewHyland_) November 21, 2023


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.# Bitcoin# Bitcoin Price# MarketsAdd reactionAdd reactionRead moreExpect some crypto companies to fail in the wake of Bitcoin"s halvingSpot Bitcoin ETF: Why this time is differentBitcoin traders’ BTC price dip targets now include $30.9K bottom

News Feed

Massive Short Squeeze Pushes Bitcoin Closer to $40K, Crypto Economy Jumps 9% Higher
Massive Short Squeeze Pushes Bitcoin Closer to $40K, Crypto Economy Jumps 9% Higher The price of bitcoin jumped over 15% in a matter of three hours on Sunday eve
Derek Andersen6 hours agoRep. Tom Emmer proposes to defund SEC’s crusade against cryptoRep. Tom Emmer added a provision in the House GOP spending bill that would block the SEC from using government funds to pursue cryp
Tether slams Deutsche Bank over suggestion its stablecoin could fail
Tom Mitchelhill7 hours agoTether slams Deutsche Bank over suggestion its stablecoin could failAnalysts at Deutsche Bank also argued Tether’s solvency status is “questionable” which the stablecoin firm said is “ir
William Suberg12 hours agoBitcoin bull market FOMO absent as BTC price nears key $39K profit zone“We’re still early,” an analyst says as Bitcoin profitability dynamics reveal a shift in BTC supply profitability on
Hacker Sent to Prison for Robbing Vietnamese Crypto Exchange
Hacker Sent to Prison for Robbing Vietnamese Crypto Exchange Authorities in Vietnam have caught and sentenced a hacker who stole money and data from a local cryptocurrency exchange
Anthropic jumps in on tug-of-war over California AI bill
Savannah Fortis13 hours agoAnthropic jumps in on tug-of-war over California AI billThings are heating up on the AI legislation front with Anthropic voicing its support of an AI bill introduced by senator Scott Wiener, on
BTC trades at ‘deep discount’ after halving — 5 things to know in Bitcoin this week
William Suberg14 hours agoBTC trades at ‘deep discount’ after halving — 5 things to know in Bitcoin this weekBitcoin has a new countdown after the halving as the days of a sub-$100,000 BTC price are “numbered,”
Africa-Focused Fintech Chipper Cash Weighs Possible Sale of Business
Africa-Focused Fintech Chipper Cash Weighs Possible Sale of Business One of Africa’s fintech giants, Chipper Cash, is said to be weighing the possibility of selling the busin
David Attlee59 minutes agoUS Anti-CBDC bill moves a step closer to passingThe “CBDC Anti-Surveillance State Act,” aimed at preventing the Federal Reserve from issuing a central bank digital currency, has passed the H
Brayden Lindrea8 hours agoLightning Labs releases Taproot Assets alpha, bringing stablecoins to BitcoinTaproot Assets is “how we bitcoinize the dollar and the world’s financial assets,” says Ryan Gentry, director o
Jesse Coghlan3 hours agoYuga Labs confirms UV lights likely cause of eye issues at ApeFestThe Bored Ape Yacht Club’s official Twitter account said an investigation confirmed suspicions that UV lights were the likely ca
Crypto phishing attacks reached ‘alarming levels’ — CertiK co-founder
Ezra Reguerra11 hours agoCrypto phishing attacks reached ‘alarming levels’ — CertiK co-founderCertiK co-founder Ronghui Gu urged the community to “proactively prepare” for cyberattacks as the crypto market grow