20/02/2023
Bitcoin whales are guiding BTC’s price around $25,000, and caution is needed, analysis warn
spent another day tackling $25,000 on Feb. 20 as analysts continued to warn over market manipulation.
Bitcoin buoyed by “Notorious B.I.D.”
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD making up losses from around the weekly close to approach the $25,000 mark again at the time of writing.
Bulls remained unable to spark a resistance-support flip, however, and whale activity on exchanges kept suspicions high.
In its latest update, monitoring resource Material Indicators revealed that large-volume traders were artificially “thinning” resistance overhead, making it more likely that BTC/USD would move higher.
Co-founder Keith Alan referenced a wall of bid liquidity buoying spot price, something he called the “Notorious B.I.D.”
“Multiple rejections from $25k correlates perfectly with BTC macro TA which is a valid reason to TP at these levels, but Notorious B.I.D. is still trying to push price up,” a tweet stated.
“Based on the history, and the potential to rip through upside illiquidity, I’m still scalping longs.”
