{"id":121396,"date":"2020-11-27T11:37:38","date_gmt":"2020-11-27T08:37:38","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-price-dives-back-under-16900-as-whale-deposits-spike-again\/"},"modified":"2020-11-27T11:37:38","modified_gmt":"2020-11-27T08:37:38","slug":"bitcoin-price-dives-back-under-16900-as-whale-deposits-spike-again","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-dives-back-under-16900-as-whale-deposits-spike-again\/","title":{"rendered":"# Bitcoin price dives back under $16,900 as whale deposits spike again"},"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-6a3ad743a7ec3\" 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-6a3ad743a7ec3\" 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-dives-back-under-16900-as-whale-deposits-spike-again\/#Bitcoin_struggles_to_regain_momentum_above_17000\" >Bitcoin struggles to regain momentum above $17,000<\/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-dives-back-under-16900-as-whale-deposits-spike-again\/#Where_is_the_bottom\" >Where is the bottom?<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin price dives back under $16,900 as whale deposits spike again  <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>The price of Bitcoin (BTC) dropped below $16,900 again on Nov. 27 across top exchanges, including Binance. The recent pullback comes as whale exchange deposits started to increase.<\/p>\n<p>Ki Young Ju, the CEO of CryptoQuant, reported that the All Exchange Inflows Mean indicator reached the \u201cdanger zone.\u201d Historically, this caused BTC to suffer short-term corrections.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bitcoin_struggles_to_regain_momentum_above_17000\"><\/span>Bitcoin struggles to regain momentum above $17,000<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>After the price of Bitcoin briefly dropped to $16,200 on Nov. 27, it started to show some signs of recovery. It remained above the $17,000 level for over 11 hours before another leg down.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-11\/9e1855c9-c1c6-4e62-8bb3-1c80f2ac0f45.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-day chart (Bitstamp). Source: Tradingview<\/em><\/figcaption><\/figure>\n<p>Following the sharp drop of Bitcoin, a low volatility price range was expected. The earlier drop on Nov. 26 to $16,200 decimated exchange order books, particularly in the futures market. Hundreds of millions of dollars worth of futures contracts were liquidated within several hours, as Cointelegraph Markets reported.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-11\/ab473b96-f367-459a-a14e-ac4cf9202b06.jpg\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>All Exchanges Inflow Mean reaches danger zone. Source: CryptoQuant<\/em><\/figcaption><\/figure>\n<p>But, as soon as whales began to deposit BTC to exchanges, the price started to fall. This suggests that there likely have been many traders buying the dip in the derivatives market, who could be getting squeezed out. Ki <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/ki_young_ju\/status\/1332228538666086401?s=20\">wrote<\/a>\u00a0on Nov. 27:<\/p>\n<blockquote><p>\u201cBTC Whales are depositing to exchanges. I expect dumping in the short-run. All Exchanges Inflow Mean(144-block MA) hit 2 BTC. I think we&#8217;re in a danger zone. The price is likely to go sideways or down when whales are active on exchanges.\u201d<\/p><\/blockquote>\n<p>Some traders, like the pseudonymous Bitcoin investor known as \u201cBitcoin Jack,\u201d predicted this scenario. He said that investors would likely rush to buy the dip early, leading to another drop.<\/p>\n<p>On Nov. 26, after predicting a blow-off top near the all-time high, the trader <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/BTC_JackSparrow\/status\/1331917490633445379\">said<\/a>:<\/p>\n<blockquote><p>\u201cAnother time proven fact: When price corrects Bitcoin style, 90% will buy too early and when price goes lower, sell the bottom.\u201d<\/p><\/blockquote>\n<p>Following up on the initial prediction, the trader also said that Bitcoin would likely drop or consolidate for a week before it begins grinding upwards.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Where_is_the_bottom\"><\/span>Where is the bottom?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The expectations of the short-term Bitcoin bottom varies. Some traders expect the $16,000 level to hold, while others anticipate $15,000 and even $14,000.<\/p>\n<p>A pseudonymous trader known as \u201cBeatlorion\u201d said a drop below $15,000 has become a possibility. Although BTC might not drop that low, the trader said that he feels more confident shorting than longing in this environment. He <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/Beastlyorion\/status\/1332187072283561984\">said<\/a>:<\/p>\n<blockquote><p>\u201cClosed my longs, I don&#8217;t trust this bounce and re-entered short position. Looking for a dump below $15k. Expecting something like this. I got stops just in case I&#8217;m wrong, but I feel better about shorting this than longing.\u201d<\/p><\/blockquote>\n<p>Meanwhile, popular Bitcoin trader, Tone Vays, said on Nov. 25 that he <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/ToneVays\/status\/1331359997578633218?s=20\">expects<\/a> Bitcoin to eventually drop even further to the $14,000 support level.\u00a0<\/p>\n<p>As Cointelegraph Markets reported, this $14,000 zone should serve as crucial support as it marked the top of the bull cycle in summer 2019.\u00a0<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/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-dives-back-under-16-900-as-whale-deposits-spike-again\" target=\"_blank\" rel=\"noopener noreferrer\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin price dives back under $16,900 as whale deposits spike again &#8221; The price of Bitcoin (BTC) dropped below $16,900 again on Nov. 27 across top exchanges, including Binance. The recent pullback comes as whale exchange deposits started to increase. Ki Young Ju, the CEO of CryptoQuant, reported that the All Exchange Inflows Mean&#8230;<\/p>\n","protected":false},"author":1,"featured_media":121397,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2020-11\/f8da6885-b03f-4777-ba13-b0ad59500203.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,74939,75150,75882,73785],"class_list":["post-121396","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-market-analysis","tag-market-update","tag-tone-vays","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/121396","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=121396"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/121396\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/121397"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=121396"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=121396"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=121396"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}