Bitcoin is ready to resume after whalers build a $17,200 ’shopping wall

The data shows that Bitcoin whales placed large purchase orders in the $17,000 to $17,200 zone to protect the current BTC rally.

According to the analysis of Edward Morra, a popular Bitcoin trader, the Coinbase and Bitfinex exchanges received large purchase orders over US$ 17,200.

The emergence of large buying walls is important because on November 18th, BTC fell to around US$ 17,222. This shows that the whales are using large buying orders to defend the US$ 17,200 support area with strength.

Mike McGlone of Bloomberg believes BTC could reach $ 170,000 in the next two years.

Bitcoin purchase wall at Bitfinex. Source: Edward Morra, TradingLite
What is the strength of the US$ 17,000 support?

Both the whale groups and the exchange order books show that the $17,000 level is becoming an important support area.

Above $18,500, there is little resistance up to a maximum of $20,000. This means that if Bitcoin Revolution remains stable above $17,000, the chances of exploding above $18,500 increase significantly.

Based on whale activity and exchange order books, it has become more unlikely that the price will fall below $17,200. For such a large downward movement to occur, a massive sale order would have to trigger cascading settlements.

Before Bitcoin’s intraday recovery from $17,340 to $18,000, the whales at Bitfinex were placing sales orders. Recently, Morra said that Bitfinex registered more purchase orders in support of US$ 17,000. He wrote:

„In the event of a fall, Coinbase placed many bids (purchase orders) below the current range. Surprisingly, Bitfinex, which previously was registering sales walls, now has a very large purchase wall below. ”

Whalemap analysts track whale activity in Bitcoin by identifying clusters and said US$17,783 and US$17,651 have formed as clusters.

These ‚clusters of whales‘ arise when large Bitcoin holders buy BTC at a certain price and do not move these funds elsewhere. Therefore, if the whale clusters formed for $17,783 and $17,651, this shows that the whales bought at these levels and are keeping their investments.

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Bitcoin near-term whale clusters.

Bitcoin’s long term configuration is strong

Throughout November, many analysts pointed to the long-term charts to describe a short to medium term optimistic outlook.

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Kevin Kelly, co-founder and head of Delphi Digital’s global macro, emphasized that Bitcoin is on its way to marking the first monthly candle close to $14,000. Kelly said:

„And if the $BTC closes November anywhere near current levels, it will mark a new monthly closing high, surpassing its December 2017 close, just over $14,000.

Even during the run-up to the record high in 2017, Bitcoin struggled to keep the price action in the high time period stable. Based on the trend and many other factors, Kelly noted that Bitcoin is maturing. He said:

„It is important to remember that the path to the top is never linear; significant reductions are inevitable. But make no mistake, this market is maturing. #Bitcoin is attracting the attention of the world’s largest investors. It is permeating the inner circles of the world’s greatest thinkers“.

At the main exchanges of Bitcoin (BTC), great buying walls are beginning to emerge. Considering that BTC’s price has recovered beyond $18,000, this trend is optimistic.