Bitcoin stalls below $38K as analysis hints 'Notorious B.I.D.' is back
Bitcoin (BTC) sought to rematch 18-month highs into Nov. 21 as order book activity gave one analyst a sense of deja-vu.
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, which 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 which 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 subscribers.
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
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.
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