{"id":536139,"date":"2023-01-06T13:25:29","date_gmt":"2023-01-06T10:25:29","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/btc-price-forms-new-support-at-16-8k-as-bitcoin-lures-mega-whales\/"},"modified":"2023-01-06T13:25:29","modified_gmt":"2023-01-06T10:25:29","slug":"btc-price-forms-new-support-at-16-8k-as-bitcoin-lures-mega-whales","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/btc-price-forms-new-support-at-16-8k-as-bitcoin-lures-mega-whales\/","title":{"rendered":"# BTC price forms new support at $16.8K as Bitcoin lures &#8216;mega whales&#8217;"},"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-6a40e5eb016f6\" 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-6a40e5eb016f6\" 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-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/btc-price-forms-new-support-at-16-8k-as-bitcoin-lures-mega-whales\/#%E2%80%9D_BTC_price_forms_new_support_at_168K_as_Bitcoin_lures_%E2%80%98mega_whales_%E2%80%9C\" >&#8221; BTC price forms new support at $16.8K as Bitcoin lures &#8216;mega whales&#8217; &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/btc-price-forms-new-support-at-16-8k-as-bitcoin-lures-mega-whales\/#Point_of_control_establishing_below_17000\" >Point of control establishing below $17,000?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/btc-price-forms-new-support-at-16-8k-as-bitcoin-lures-mega-whales\/#Whale_activity_inches_higher\" >Whale activity inches higher<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_BTC_price_forms_new_support_at_168K_as_Bitcoin_lures_%E2%80%98mega_whales_%E2%80%9C\"><\/span>&#8221; BTC price forms new support at $16.8K as Bitcoin lures &#8216;mega whales&#8217; &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-6ed77c39>Bitcoin (BTC) could be busy forming fundamental support in its current tight trading range, the latest research suggests.<\/p>\n<p>In a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/TrendRidersTR\/status\/1611132732523831296\/photo\/1\">tweet<\/a> on Jan. 6, trading platform Trend Rider noticed that $16,800 is becoming an increasingly important BTC price support zone.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Point_of_control_establishing_below_17000\"><\/span>Point of control establishing below $17,000?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Bitcoin\u2019s lack of volatility has led commentators to debate when a breakout could occur \u2014 and in what direction it could go.<\/p>\n<p>So far, however, the increasingly narrow trading range in place since the FTX saga in November remains in control.<\/p>\n<p>Now, on-chain analysis is hinting that, contrary to some beliefs, BTC\/USD may not have further to fall in the current phase of the bear market. <\/p>\n<p>Trend Rider eyed the one-week chart to flag $16,800 as the current 100-week point of control (PoC) \u2014 the price level generating the largest volume in the specific period.<\/p>\n<p>The longer the period and higher the volume, the stronger the notional PoC support or resistance level is. <\/p>\n<p>\u201cNew Bottom forming,\u201d accompanying comments stated.<\/p>\n<blockquote><p>\u201c~16.8K is the new 100 Weekly POC for Bitcoin. In simple terms on the last 100 weeks this is the level where most volume has been traded, which is creating a potential bottom formation.\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/cb8fe523-5417-4cd9-acdb-8f574b1e9eb4.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD annotated chart. Source: Trend Rider\/ <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a><\/em><\/figcaption><\/figure>\n<p>Should this be the case, Bitcoin could avoid the worst doomsday predictions of recent months, these including a drop to $10,000 or even lower.<\/p>\n<p>Longer-term PoCs include the 200-week at $9,200 and 300-week at $3,700 \u2014 near the March 2020 COVID-19 cross-market crash lows.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Whale_activity_inches_higher\"><\/span>Whale activity inches higher<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>On exchanges, Bitcoin\u2019s trading corridor was likewise firmly unmoved on the day.<\/p>\n<p><strong><em>Related:\u00a0$16.8K Bitcoin now trades further below this key trendline than ever<\/em><\/strong><\/p>\n<p>According to monitoring resource Material Indicators, the strongest nearby support and resistance levels were at $16,000 and $17,000, respectively.<\/p>\n<p>A chart of the Binance order book additionally showed increasing interest from the largest bracket of Bitcoin whales between the two price points.<\/p>\n<p>\u201cBrown Mega Whales seem to like this range for Bitcoin,\u201d Material Indicators <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/MI_Algos\/status\/1611021926767689731\">commented<\/a>.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/93e2bc12-7189-4d1c-ab32-ec4c85d2978d.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD order book data (Binance). Source: Material Indicators\/ Twitter<\/em><\/figcaption><\/figure>\n<p class=\"post-content__disclaimer\">The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/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\">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\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/btc-price-forms-new-support-at-16-8k-as-bitcoin-lures-mega-whales\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; BTC price forms new support at $16.8K as Bitcoin lures &#8216;mega whales&#8217; &#8220; Bitcoin (BTC) could be busy forming fundamental support in its current tight trading range, the latest research suggests. In a tweet on Jan. 6, trading platform Trend Rider noticed that $16,800 is becoming an increasingly important BTC price support zone. Point&#8230;<\/p>\n","protected":false},"author":1,"featured_media":536140,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/a2ffeb39-281c-4e43-8364-f67eb8fdf165.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,74939,73785],"class_list":["post-536139","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-market-analysis","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/536139","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=536139"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/536139\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/536140"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=536139"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=536139"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=536139"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}