Bitcoin’s share price fell again on November 27th below $16,900 on most exchanges, including Binance. As a result, BTC continues to trade within the $16,180 and $17,450 price range.
The question that many are naturally asking at this point is whether this is a consolidation above an established support level or just a small recovery in a larger downward movement. In short: Where is the current bottom for the Bitcoin price?
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Bitcoin price battles for bullish momentum
After falling briefly to $16,200 on November 27th, Bitcoin started to show some signs of recovery. Previously, it remained above the $17,000 mark for 11 hours before falling further.
The sharp drop in prices decimated the stock market’s order books and caused the futures market in particular to bleed quite a bit. Futures contracts worth $1.3 billion were liquidated within hours. Binance suffered the greatest damage. Here alone, almost $650 million of longs were liquidated.
According to Ki Young Ju, CEO of CryptoQuant, it is the All Exchange Inflows Mean indicator that provides the answer to why. After all, this indicator had reached the “danger zone” and could still be an indication that the correction is not yet complete. Historically, this has always led to short-term corrections in the Bitcoin price. Ki twittered on November 27th:
“BTC whales deposit BTC on the stock exchanges. I expect a short-term dumping. All Exchanges Inflow Mean (144 block MA) reached 2 BTC. I think we are in a danger zone. The price is likely to go sideways or down if the whales are active on the exchanges.”
The trader known as “Bitcoin Jack” is now warning that many investors would buy the “dip” too early:
“Another proven fact is that if the price corrects in Bitcoin style, 90% will buy too early and if the price goes down, sell the low.” He believes that the Bitcoin price will probably fall or consolidate for a week before it starts to slowly slide back up.
Where is the bottom for the price of BTC?
Expectations regarding the short-term bottom in the Bitcoin price vary. Some traders expect the price to hold the $16,000 level, while others expect it to be $15,000 or even $14,000.
The price level of $16,180 will probably play an important role in this. If the price per BTC continues to trade above this level, the Bitcoin price could venture another attack on the all-time high. However, should it fail to do so, the next major support would only be found at around $15,000.
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First published in CRYPTO MONDAY, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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