According to analysis by Edward Morra, a popular Bitcoin trader, the exchanges Coinbase and Bitfinex received large purchase orders over $ 17,200.
The emergence of large buying walls is important because on November 18, BTC fell to around $ 17,222. This shows that whales are using large purchase orders to forcefully defend the $ 17,200 support area.
How strong is the $ 17,000 support?
Both whale groups and exchange order books show that the $ 17,000 level is becoming an important support area.
Above $ 18,500, there is little resistance to a maximum of $ 20,000. This means that if Bitcoin remains stable above $ 17,000, the chances of it exploding above $ 18,500 increase significantly.
Based on whale activity and exchange order books, it became more unlikely that the price would fall below $ 17,200. For such a large downward movement to occur, a massive sell order would have to trigger cascading liquidations.
Before Bitcoin’s intraday recovery from $ 17,340 to $ 18,000, whales at Bitfinex were placing orders for sale. Morra recently said that Bitfinex has registered more purchase orders on the $ 17,000 support. Him wrote:
“In the event of a fall, Coinbase placed many bids (purchase orders) below the current range. Surprisingly, Bitfinex, which was previously registering sales walls, now has a very large purchasing wall below. “
Whalemap analysts track bitcoin whale activity by identifying clusters and said that $ 17,783 and $ 17,651 formed as clusters.
These ‘whale groups’ arise when large Bitcoin holders buy BTC at a certain price and do not move those funds elsewhere. So if whale clusters form for $ 17,783 and $ 17,651, it shows that whales have bought at these levels and are maintaining their investments.
Long-term configuration of Bitcoin is strong
Throughout November, many analysts pointed to the long-term charts to describe an optimistic outlook in the short to medium term.
Kevin Kelly, the co-founder and head of global macro at Delphi Digital, emphasized that Bitcoin is on its way to mark the first monthly candle close to $ 14,000. Kelly said:
“And if the $ BTC closes November anywhere near current levels, it will mark a new monthly close high, surpassing its December 2017 close, just over $ 14,000.
Even during the race towards the record high in 2017, Bitcoin struggled to keep the price action in the high period stable. Based on the trend and many other factors, Kelly noted that Bitcoin is maturing. Him said:
“It is important to remember that the path to the top is never linear; Significant reductions are inevitable. But make no mistake, this market is maturing. #Bitcoin is attracting the attention of the world’s largest investors. It is permeating the inner circles of the greatest thinkers in the world. ”
On major Bitcoin exchanges (BTC), large buying walls are beginning to emerge. Considering that the price of BTC has recovered beyond $ 18,000, this trend is optimistic.