BTC Price Drops by $10,000; Whales are on the Move

By Harry Smith

On 15th local time, American President Joe Biden signed a roughly $1 trillion infrastructure bill to repair America’s aging roads and bridges, upgrade the power grid and expand broadband Internet access. This initiative will undoubtedly further increase the level of inflation in the United States. U.S. Treasury Secretary Janet Yellen said that controlling the epidemic is the key to easing U.S. inflation. Thus, the Fed’s monetary policy can be predicted to some extent by observing how the epidemic will be curbed in U.S and across the globe. It is also worth noting that BTC whales have seen the largest scale of shifting positions since 2017, releasing a sell-off signal.

Strategy Analysis

Consumer Price Index (CPI) data from the Bureau of Labor Statistics shows that almost every aspect of the U.S. economy is being affected by inflation, according to a report in The Hill on Nov. 14 local time. Overall, continued inflation will still have a favorable impact on bitcoin, but this macro-benefit will fade as the epidemic subsides and interest rate hikes rise as expected.

At the same time, the BTC whales have been shifting positions at the largest scale since 2017, excluding outliers. Judging from the average number of trades, which spiked 5x, and the fund flow ratio, it becomes clear that it appears that most of the high-volume transactions are not coming from exchanges. This movement of the whales implies that BTC may be facing a deep pullback. In terms of investment interest, the metaverse and IoT sectors are still receiving a lot of attention.

Market Analysis

BTC: After hitting new highs last week, BTC has experienced a significant pullback this week, hitting a low of $55,600. The current price has deviated from MA5, MA10 and MA20 with some signs of a rebound, but it meets pressures in the upper zone. On the whole, BTC is expected to experience a downward fluctuation. From the 4 hours level, the current KDJ and MA5 daily average line are slightly going up. The MACD is also seeing reduced shorting. The Bollinger Bands forms an open-type horn mouth, with price fluctuating in the lower middle rail. BTC could find strong support at around $54,000 and meet significant resistance at around $63,000.

ETH: This week ETH hit a record low of $3,950. The daily chart showed that it fell below MA5, MA10 and MA30 subsequently and rebounded quickly after touching the lowest point. On the whole, it is expected to fluctuate in a wide range. At the same time, the EMA was going downward, the Bollinger band was shrinking, the price was kept in the lower middle rail. The technical rebound is expected to continue. ETH could find strong support at around $3,800 and meet significant resistance at around $4,300. If it can stand stable at $4,300, it may break upward to $5,000.

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