{"id":117555,"date":"2020-11-22T14:45:59","date_gmt":"2020-11-22T11:45:59","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-price-dips-below-18k-time-to-watch-these-whale-cluster-support-zones\/"},"modified":"2020-11-22T14:45:59","modified_gmt":"2020-11-22T11:45:59","slug":"bitcoin-price-dips-below-18k-time-to-watch-these-whale-cluster-support-zones","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-dips-below-18k-time-to-watch-these-whale-cluster-support-zones\/","title":{"rendered":"# Bitcoin price dips below $18K \u2014 Time to watch these &#8216;whale cluster&#8217; support zones"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 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-6a3fa8c08adbf\" 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-6a3fa8c08adbf\" 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\/bitcoin-price-dips-below-18k-time-to-watch-these-whale-cluster-support-zones\/#This_is_an_institution-led_Bitcoin_rally\" >This is an institution-led Bitcoin rally<\/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\/bitcoin-price-dips-below-18k-time-to-watch-these-whale-cluster-support-zones\/#3_whale_clusters_to_watch_as_BTC_dives_below_18000\" >3 whale clusters to watch as BTC dives below $18,000<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin price dips below $18K \u2014 Time to watch these &#8216;whale cluster&#8217; support zones <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>Bitcoin (BTC) price dropped below the $18,000 support level on Nov. 22. This comes after BTC continuously saw high over-the-counter (OTC) and institutional volume throughout November. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-11\/1c9d4268-ec00-4234-988d-6fa674b30bce.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-hour chart. Source: Tradingview<\/em><\/figcaption><\/figure>\n<p>Data suggests that the growing institutional demand was likely one of the main catalysts behind the BTC price rally to $18,965.<\/p>\n<p>According to the data from Skew, Grayscale Bitcoin Trust\u2019s volume on OTC Markets increased significantly in the fourth quarter. <\/p>\n<p>OTC Markets is a securities exchange in the U.S. that allows institutional and accredited investors to purchase various securities. The Grayscale Bitcoin Trust trades on OTC Markets, similar to an exchange-traded fund (ETF).<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-11\/a1fc8755-00b0-4b84-8098-8979e30457f0.jpg\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Grayscale Bitcoin Trust daily volume. Source: TradingView.com<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"This_is_an_institution-led_Bitcoin_rally\"><\/span>This is an institution-led Bitcoin rally<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>There is a clear difference between the ongoing uptrend and the 2017 rally. This time, Bitcoin has shown more composure and stability throughout the uptrend, consecutively reclaiming major resistance levels.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/p>\n<p>Bitcoin saw a large spike in spot volume, futures exchange open interest, and institutional demand. Yet, various metrics such as Google Trends have shown the mainstream interest for Bitcoin is relatively low.<\/p>\n<p>The combination of the two abovementioned factors suggests institutions have likely been the primary driving force of the recent rally.<\/p>\n<p>The heavy involvement of institutions in a prolonged Bitcoin rally is optimistic because institutions are likely to accumulate BTC with a long-term strategy.<\/p>\n<p>This trend explains why most of the major dips Bitcoin saw in November were aggressively bought up. As Cointelegraph reported, Dan Tapiero, the co-founder of 10T Holdings, said \u201cbig boys will buy dips now.&#8221;<\/p>\n<p>Tapiero also emphasized that real fundamentals are driving the ongoing rally, unlike the 2017 mania. He <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/DTAPCAP\/status\/1328910947507953666\">said<\/a>:<\/p>\n<blockquote><p>\u201c3rd wave up to dwarf the 2017 move and should persist for several years.\u201d<\/p><\/blockquote>\n<p>Michael Novogratz, the billionaire Bitcoin investor, also said that Bitcoin has become an institutional asset along the way.<\/p>\n<p>In recent months, more institutions, hedge funds, and investment banks have started comparing BTC to gold. Novogratz <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/novogratz\/status\/1329777451724124160\">said<\/a> on CNBC:<\/p>\n<blockquote><p>\u201cBitcoin is now an institutional asset. Period. The good thing is most institutions aren\u2019t in yet. It\u2019s why 2021 will be as good or better than 2020.\u201d<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"3_whale_clusters_to_watch_as_BTC_dives_below_18000\"><\/span>3 whale clusters to watch as BTC dives below $18,000<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Whales, or high-net-worth investors, typically use OTC and exchanges simultaneously to accumulate Bitcoin.<\/p>\n<p>Throughout November, analysts at the on-chain analysis firm Whalemap found the emergence of major whale clusters.<\/p>\n<p>Whale clusters are price levels where whales buy BTC and do not move their holdings. Clusters often signify areas where whales buy Bitcoin.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-11\/e451b634-352a-418b-9174-e871229db945.jpg\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Bitcoin whale clusters throughout November. Source: Whalemap<\/em><\/figcaption><\/figure>\n<p>The data from Whalemap show that $16,411, $16,278 and $15,691 remain as the big whale clusters. Hence, even if BTC sees a short-term pullback, the aggressive accumulation from whales in November has established crucial support areas.<\/p>\n<p>In the near term, following BTC\u2019s recent minor correction from $18,865 to below $18,000, whale clusters are expected to act as important support levels. The $17,300 and $16,411 price levels remain as the major support levels.<\/p>\n<\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\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\/bitcoin-price-dips-below-18k-time-to-watch-these-whale-cluster-support-zones\" target=\"_blank\" rel=\"noopener noreferrer\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin price dips below $18K \u2014 Time to watch these &#8216;whale cluster&#8217; support zones &#8221; Bitcoin (BTC) price dropped below the $18,000 support level on Nov. 22. This comes after BTC continuously saw high over-the-counter (OTC) and institutional volume throughout November. BTC\/USD 1-hour chart. Source: Tradingview Data suggests that the growing institutional demand was&#8230;<\/p>\n","protected":false},"author":1,"featured_media":117556,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2020-11\/e27c9f88-976f-4a2a-b958-247b3ccc1c17.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,76550,74939,73785],"class_list":["post-117555","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-grayscale","tag-market-analysis","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/117555","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=117555"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/117555\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/117556"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=117555"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=117555"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=117555"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}