Crypto Trading Today Stalls Below $38K as Notorious B.I.D. Returns

As order book activity gave one analyst a feeling of familiarity, Bitcoin (BTC) attempted to reach 18-month highs on Nov. 21, signaling a potential crypto recovery.

Crypto Trading Today

With the crypto top, crypto to follow, and crypto of the day on Twitter, traders are paying close attention to crypto trading right now and upcoming crypto events.

Whale games conjure Bitcoin’s Q1 2023

Data from Cointelegraph Markets Pro and TradingView showed BTC price momentum building to top out at $37,770 the day prior.

Now circling $37,400, Bitcoin remained in a range that had also characterized the second week of the month.

For on-chain monitoring resource Material Indicators, however, the crypto trading situation was more akin to Q1 this year — the period that marked the start of Bitcoin’s crypto recovery from post-FTX lows.

Analyzing order book data, it suggested that a major liquidity provider, which it informally called the “Notorious B.I.D.” at the time, could be shaping bid support once again.

Specifically, bid liquidity had come and gone at $33,000 “7 times in the last 30 days,” it told crypto followers on Twitter.

An accompanying snapshot of BTC/USDT liquidity also showed sellers lining up at and immediately below $38,000.

Among whales, it was the largest order class — between $1 million and $10 million — which was the only active cohort, with others unanimously decreasing crypto exposure through the week.

Commenting on the situation, Material Indicators co-founder Keith Alan argued that the entities behind the buy orders could be more organized than merely large-volume crypto speculators.

“Swift breakdown” could follow tap of $40,000

Forecasting what could come next, meanwhile, Michaël van de Poppe, founder and CEO of trading firm Eight, refused to take $40,000 off the table.

“Crypto trading today continues to push higher and higher, making higher lows, and attacking the resistance for the fourth time,” he commented on overnight events.

Popular analyst Matthew Hyland cautioned that the relative strength index (RSI) could be at risk of printing a bearish divergence with crypto right now should the latter fail to pass current 18-month highs just below $38,000.

At the time of writing, bulls were still unable to summon the required momentum to crypto top.