Whales started sending BTC to exchanges when Bitcoin fell below $ 16,900
Bitcoin price fell below $ 16,900 on most of the leading exchanges as of November 28. It took place after transferring large amounts of money to investors’ accounts with BTC, known as the whale.
CryptoQuant CEO Ki Young Ju reported that the indicator of Bitcoin inflows to exchanges has reached the “danger zone”. Generally, this situation causes BTC to be subject to short-term regulations.
Bitcoin trying to rise above $ 17,000
After the price of bitcoin dropped below $ 16,200 on November 28, it started showing signs of recovery. It remained above the $ 17,000 level for more than 11 hours before the next downtrend began.
Low price volatility was expected to be seen, following Bitcoin’s sharp fall. On November 28, it was started to be written in the order books as 16,200 dollars in the futures market. As reported by the market, hundreds of millions of dollars futures contracts were liquidated within a few hours.
As soon as the whales started to deposit BTC on the exchange, the price started to drop. This indicates that many traders who bought the dips in the derivatives market are stuck. Ki Young Ju wrote the following on November 27:
“BTC WATERS INVEST IN EXCHANGES. I EXPECT A SHORT-TERM DECREASE. EXCHANGE ENTRANCE AVERAGE RISE TO 2 BTC. I think we are in a dangerous region. WHEN WALES ARE ACTIVE ON THE EXCHANGES, THE PRICE WILL POSSIBLY STAY FIXED OR DECREASE. “
Some investors supported this scenario, such as the Bitcoin investor known as the “Bitcoin Jack”. He said that investors would probably rush to buy the drop, leading to another drop.
It saw a downtrend before a rise near an all-time high.
“IT HAS BEEN PROVEN ONCE AGAIN: WHEN THE BITCOIN PRICE IS CORRECTION, 90 PERCENT OF THE INVESTORS WILL BUY TOO EARLY AND SELL BOTTOM WHEN THE PRICE DROPS.”
Following his prediction, he said that Bitcoin will either drop or stay sideways for a week before it starts moving up.
What is the expected level in bitcoin price?
Expectations regarding the short-term Bitcoin bottom price vary from person to person. Some traders expect the $ 16,000 level to support, others say $ 15,000 or even $ 14,000.
Trader said there is a possibility of falling below $ 15,000, known as “Beatlorion”. told.
“I CLOSED MY LONG-TERM POSITIONS. I DO NOT TRUST THIS SPLASH AND I REACHED THE SHORT POSITION. I EXPECT A DROP OF UNDER $ 15,000. IF I WRONG I PUT THE STOP POINTS BUT NOW THE SHORT POSITION IS BETTER THAN LONG TIME. “
Meanwhile, popular Bitcoin trader Tone Vays said he expects Bitcoin to drop to the $ 14,000 support level on November 27. told.
As reported by the market, the $ 14,000 zone should serve as a crucial support as it marks the peak of the bullish cycle in the summer of 2019.