Bitcoin

Bitcoin is still trending at a reasonably high price, especially after <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-price-touches-20000-for-first-time-post-ftx-collapse/" rel="noopener noreferrer nofollow">falling below $15,000 in 2022 following the FTX collapse</a>. Given its rise since then, investors have turned bullish, expecting the start of another bull market. However, not all investors have bought into this <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-spot-etf-sec-delays-38000/" rel="noopener noreferrer nofollow">bullish narrative for Bitcoin</a> and this is evidenced by the amount of buy orders sitting at prices more than 65% below its current value.
<h2 class="p2" id="4-500-btc-bids-at-12-000">4,500 BTC Bids At $12,000</h2>
In an interesting turn of events, a developer has <a href="https://x.com/tedtalksmacro/status/1729452484173906177?s=20" rel="noopener noreferrer nofollow">revealed</a> a massive buy wall waiting in the expectation that the Bitcoin price will crash further. One X (formerly Twitter) user who goes by @tedstalksmacro took to the social media platform to reveal the massive buy wall.
According to the post, there were 4,500 <a href="https://www.newsbtc.com/analysis/xrp/xrp-price-5200-impulse-bitcoin/" rel="noopener noreferrer nofollow">BTC</a> bids waiting at around 65% below the current price of Bitcoin. These Bitcoin bids came out to a total of $54 million, going by the asset’s price at the time, and made up the largest buy wall at any price point for the cryptocurrency.
<img loading="lazy" decoding="async" class="alignnone size-medium wp-image-563176 aligncenter" src="https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-12000.jpeg?w=460&amp;resize=460%2C450" alt="Bitcoin $12,000" width="460" height="450" srcset="https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-12000.jpeg?w=1280 1280w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-12000.jpeg?w=460&amp;resize=460%2C450 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-12000.jpeg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-12000.jpeg?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-12000.jpeg?w=42 42w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-12000.jpeg?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/11/Bitcoin-12000.jpeg?w=1140 1140w" sizes="(max-width: 460px) 100vw, 460px" data-recalc-dims="1">
These 4,500 BTC bids at the $12,000 mark suggest that these Bitcoin investors expect the price to keep falling. Now, if the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-avoids-collapse-38500/" rel="noopener noreferrer nofollow">Bitcoin price</a> were to return to this level, it would mean an approximately 68% drop from the tight range of $37,500 to $38,000 that the price has been trading at.
Another X user <a href="https://x.com/Marky8882/status/1729458909952557171?s=20" rel="noopener noreferrer nofollow">pointed out</a> that the buy wall did not recently appear. Rather, the 4,500 <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-unbreakable-floor-analyst-predicts-btc-wont-fall-below-35000-ever-again/" rel="noopener noreferrer nofollow">BTC</a> bids have been standing for more than a year.
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/dkyBlUUb/" alt="Bitcoin price chart from Tradingview.com" width="2650" height="1530">
<h2 class="p2" id="why-investors-are-expecting-bitcoin-to-fall">Why Investors Are Expecting Bitcoin To Fall</h2>
In response to Ted’s post, another X user, Luke Broyles, took to the platform to <a href="https://x.com/luke_broyles/status/1729718938542408143?s=20" rel="noopener noreferrer nofollow">explain</a> why there are so many bids for Bitcoin at $12,000. According to Broyles, the bids are a result of a “big unit bias level” that investors developed during the FTX crash.
When the crypto exchange filed for bankruptcy in 2022 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-recovery-only-temporary-as-all-roads-lead-to-15000/" rel="noopener noreferrer nofollow">Bitcoin price dropped to $15,000</a>, the calls for a decline to $12,000 had intensified. But of course, that never happened. However, not all investors have let go of the belief that this could still happen.
Broyles explains that “many people have either $10k or $25k saved up which would’ve made a nice comfy amount of coins at $12k.” Further adding that “Buying 2 coins at $12k sounded better than buying 1.5 in low teens.”
The crypto enthusiast posits that the <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-bull-run-is-only-just-starting-according-to-this-metric/" rel="noopener noreferrer nofollow">market has already moved beyond this level</a>, although some people have yet to accept it. “Lots of people still waiting for $12k… still yet to accept market has been reversing for over a year now,” Broyles concludes.

Bitcoin 65% Crash Possible? $54 Million In Buy Orders Pile Up At $12,000

Table of Contents

NewsBTC

Outros artigos publicados em 30 de nov. de 2023

Bitcoin Whales Ready To Push Price Above $40,000? Data Throws Clues

Crypto Exchange Gate.io Introduces ZK-Protected Proof-of-Reserves Instrument: Review

Philippines SEC Issues Warning Against Binance

Sam Altman retakes OpenAI helm with a reshaped board featuring Microsoft visibility

Philippine SEC warns citizens about Binance amid regulatory scrutiny

Is Tether’s Stability at Risk? U.S. Treasury Official Sounds Alarm

Join our free newsletter for daily crypto updates!