Whales started accumulating BTC through the dip below $60,000. Based on data from IntoTheBlock, the number of BTC addresses holding Bitcoin for over a year has hit an all-time high.

Bitcoin price dropped below $57,000 on November 18, and the accumulation by non-exchange whales hit a peak. The third-largest non-exchange whale scooped up 3038 Bitcoin tokens over four transactions, worth $180 billion. A daily close below $56,233 will indicate that Bitcoin price is heading to $53,000, coinciding with the 100-day Simple Moving Average (SMA) aka scenario 2. However, if BTC holds above $56,233, investors can expect a relief bounce to retest either the $59,000 or $60,000 levels.  Following that, however, a further downleg is foreseen with the big crypto heading back down to the 50-day SMA at $53,000. The first outlook where the pioneer crypto drops straight to $53,000 is ‘scenario 1’ while the other is ‘scenario 2.’

BULLISH AND BEARISH CONDITIONS/ POSSIBILITIES :

Investors should pay close attention to the $53,000 support floor, as a breakdown of this level due to any unforeseen spike in selling pressure could trigger an 8.5% correction to a subsequent demand level at $48,379. Supporting this short-term bearish outlook for Bitcoin price is IntoTheBlock’s Global In/Out of the Money (GIOM) model, which shows that the most relevant support zone extends from $53,808 to $40,325. Although unlikely, this support area hints at the possibility of a drop to $40,000.

Confirmation of a bullish outlook would come from Bitcoin price producing a daily close above the $63,500 to $65,571 zone. Clearing that crucial level could trigger Bitcoin price to head straight to $77,908, coinciding with the 161.8% Fibonacci extension level.

Has Bitcoin Completed Its Correction ?

Nov 19 2021