The volatility in Bitcoin’s price reflects the resurgence of the “Notorious B.I.D.” (Buyers, Investors, and Developers) as they navigate the market and shape the future of cryptocurrency.
Bitcoin (BTC) continued to push up towards 18-month highs on November 21, sparking a sense of deja vu among analysts. The order book activity suggested that the market was similar to the period of Bitcoin’s recovery from post-FTX lows in Q1 of that year. The on-chain monitoring resource, Material Indicators, pointed out that a major liquidity provider, dubbed as the “Notorious B.I.D.”, could be shaping bid support once again.
Meanwhile, anticipated a swift breakdown after hitting $40,000, forecasting that Bitcoin could continue to push higher, attack resistance, and may break out upwards to $40K and then breakdown again. However, the relative strength index (RSI) was said to be at risk of printing a bearish divergence with price. The bulls were still unable to gather the required momentum.
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