{"id":111203,"date":"2020-11-14T15:06:57","date_gmt":"2020-11-14T12:06:57","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/why-bitcoin-price-just-lost-16k-in-a-typical-weekend-drop\/"},"modified":"2020-11-14T15:06:57","modified_gmt":"2020-11-14T12:06:57","slug":"why-bitcoin-price-just-lost-16k-in-a-typical-weekend-drop","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/why-bitcoin-price-just-lost-16k-in-a-typical-weekend-drop\/","title":{"rendered":"# Why Bitcoin price just lost $16K in a &#8216;typical&#8217; weekend drop"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2533832d768\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2533832d768\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/why-bitcoin-price-just-lost-16k-in-a-typical-weekend-drop\/#Why_165K_is_a_problem_for_Bitcoin_in_the_near_term\" >Why $16.5K is a problem for Bitcoin in the near term<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/why-bitcoin-price-just-lost-16k-in-a-typical-weekend-drop\/#Where_BTC_price_may_go_next\" >Where BTC price may go next<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Why Bitcoin price just lost $16K in a &#8216;typical&#8217; weekend drop <\/strong>&#8221;<\/p>\n<div data-v-5a136f3a=\"\">The price of Bitcoin (BTC) has seen volatility within the past 12 hours. The top cryptocurrency fell from $16,400 to $15,750 within hours, rejecting sharply after surpassing the $16,000 resistance earlier this week.<\/p>\n<p>As of Nov. 14, the 20-day moving average of Bitcoin on the daily chart is at $14,600. In the near term, if a pullback occurs, the $14.6K level remains a favorable area for buyers.<\/p>\n<p>An algorithmic trader known as \u201cCryptoGainz\u201d explained that the current market structure of Bitcoin likely caused a sell-off to occur. The trader pinpointed the abundance of sell orders at $16.5K that did not subside as BTC hit $16,400.<\/p>\n<p>This could indicate that the sell orders at that level are not spoofed orders. Hence, it could show that sellers are genuinely attempting to take profit on BTC at around $16,500.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-11\/9d1d2985-0f59-4b63-a8d6-29f53b7f62d2.png\" alt=\"\" title=\"\"\/><figcaption style=\"text-align: center;\"><em>The daily price chart of Bitcoin. Source: TradingView.com<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Why_165K_is_a_problem_for_Bitcoin_in_the_near_term\"><\/span>Why $16.5K is a problem for Bitcoin in the near term<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>When traders or bots try to spoof the Bitcoin market, they place fake orders at key support or resistance levels. <\/p>\n<p>For instance, if traders place large spoof orders near a resistance level, there is a chance that buyers would not push through the resistance. Hence, spoofing could be used to artificially pump up or restrict a market\u2019s momentum.<\/p>\n<p>The \u201casks\u201d or sell orders above $16,500 have not dis<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>eared during the recent BTC rally. Considering this, the probability that $16.5K would act as a heavy resistance level in the near term remains high. <\/p>\n<p>When BTC was hovering at around $16,200 before the Bitcoin price drop occurred, the pseudonymous trader <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoGainz1\/status\/1327418708562677760\">explained<\/a>:<\/p>\n<blockquote><p>\u201cI wouldn&#8217;t say we&#8217;re going to nuke, but at this point clever proprietary entities with a lot of capital and intellectual property of a certain nature realize that the 16.5k asks have been resting there for a long time and don&#8217;t appear to be lifting with price very close to there.\u201d<\/p><\/blockquote>\n<p>The trader noted that algorithms could move to \u201chunt\u201d stops of long contracts if it is profitable to do so. Based on the rapid decline of BTC in a short period, that is likely what happened as BTC dropped below $15,800. The trader added:<\/p>\n<blockquote><p>\u201cMeaning, if an algorithm exists that can profitably dump price and flush longs, the conditions for its use are possibly being engineered in a manner so as to extract the maximum amount of profit. tl;dr &#8211; as soon as it&#8217;s profitable to hunt longs, your stops are getting taken.\u201d<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"Where_BTC_price_may_go_next\"><\/span>Where BTC price may go next<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The outlook of Bitcoin among traders and analysts remains mixed. Some traders say a deep pullback to the $12,000 to $13,000 range is inevitable, if not healthy, during this bull run.<\/p>\n<p>Cantering Clark, a Bitcoin trader, said a $13K retest could occur despite the strong momentum of BTC. He <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/CanteringClark\/status\/1327471398529470466\">wrote<\/a>:<\/p>\n<blockquote><p>\u201cI love to get loud with everyone else when sh*t is pumping, but I am securing the bag and playing short term only right now. Feeling like we are running hot, I think the market inflicts the most pain down soon rather than up. Spot players don&#8217;t get an easy ride.\u201d<\/p><\/blockquote>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"\/><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener noreferrer\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/why-bitcoin-price-just-lost-16k-in-a-typical-weekend-drop\" target=\"_blank\" rel=\"noopener noreferrer\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Why Bitcoin price just lost $16K in a &#8216;typical&#8217; weekend drop &#8221; The price of Bitcoin (BTC) has seen volatility within the past 12 hours. The top cryptocurrency fell from $16,400 to $15,750 within hours, rejecting sharply after surpassing the $16,000 resistance earlier this week. As of Nov. 14, the 20-day moving average of&#8230;<\/p>\n","protected":false},"author":1,"featured_media":111204,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2020-11\/4cc0c4af-ad79-40bb-8509-027e4940a10e.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,73785],"class_list":["post-111203","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/111203","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=111203"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/111203\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/111204"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=111203"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=111203"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=111203"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}