According to Cointelegraph: Bitcoin continues to grapple with price resistance below $38,000, reminiscent of its Q1 2023 price behavior, as whale entities step back into the game. With current market activity showing similarities to Bitcoin's breakout period earlier this year, analysts are closely monitoring order book data for signs of a 'Notorious B.I.D.'-like presence.
On-chain analytics from Material Indicators show that the current BTC price activity and market landscape bear striking similarities to Q1, the time when Bitcoin began to recover from its post-FTX slump. It posits that a significant liquidity provider, informally known as the 'Notorious B.I.D.', could be staging a comeback by shaping bid support.
Specifically, price fluctuations around the $33,000 mark have been recorded '7 times in the last 30 days', sparking comparisons to earlier market scenarios. A snapshot of BTC/USDT liquidity indicates an accumulation of sell orders just below the $38,000 point.
Among Bitcoin whales, it appears only entities dealing in orders between $1 million and $10 million have been active recently, with others seemingly reducing their exposure throughout the week.
Despite the current pricing hurdles, Micheal van de Poppe, founder and CEO of trading firm Eight, does not rule out the possibility of Bitcoin hitting the $40,000 mark before potentially experiencing a swift breakdown. He encourages investors to continue purchasing during dips.
Other analysts, like Matthew Hyland, caution against potential risks posed by a bearish divergence if the relative strength index (RSI) does not keep pace with price growth. Current indications show that bulls are struggling to generate the momentum needed to break the resistance mark.
