Bitcoin

when

Bitcoin risks “short-term issues” on its route to six figures — including a correction to almost $70,000.
In one of its <a data-ct-non-breakable="null" href="https://cryptoquant.com/insights/quicktake/67386f36ab1574666199784e-Price-chasers-indicate-the-uptrend-is-powerful-but-there-may-be-short-term-issue" rel="null" target="null" text="null" title="null">Quicktake market updates</a> on Nov. 16, onchain analytics platform CryptoQuant said Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price%20" rel="nofollow noopener" target="_blank" text="null" title="https://cointelegraph.com/bitcoin-price ">BTC</a>) price action may see some “healthy cooling.”
<h2 id="btc-price-analysis-considers-healthy-cooling">BTC price analysis considers “healthy cooling”</h2>
Bitcoin continues to circle $90,000 as week-to-date gains approach 13% into the weekly close.
Joining those suggesting that a new consolidation phase could come next for BTC/USD, CryptoQuant contributor BaroVirtual put the potential downside target at just above $70,000.
The reason, it argues, lies in two moving average (MA) trend lines, now nearly 20% apart.
“The position of the price chasers (7d and 30d MAs) indicates that we are seeing intense, healthy buying pressure on Bitcoin, which is a very positive signal,” the post said.&nbsp;
<blockquote>
 “The issue is that the gap between the fast and slow chasers is 19%, and this, in turn, leads to 2 possible scenarios:1) Bitcoin takes a sideways position in the $87,000-$93,000 range for some time and then continues its upward movement to the $104,000-$120,000 range. We observed something similar from February to March 2024.2) Bitcoin corrects downwards to the $71,000-$77,000 range, and there is an intermediate healthy cooling of the market, and then the local upward trend resumes.”
</blockquote>
<figure>
 <img alt="BTC price 'issues' include $70K dip despite Bitcoin whale accumulation" src="https://s3.cointelegraph.com/uploads/2024-11/01933a75-3155-7210-962d-99e4d268b7fb" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-day chart with “price chase” MAs (screenshot). Source: CryptoQuant
 </figcaption>
</figure>
An accompanying chart puts the rate of BTC price upside <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-analysts-6-figures-btc-price-93-5-k-record" rel="null" target="null" text="null" title="null">over the past week</a> in context, with a record-breaking $9,000 daily candle on Nov. 11 alone.
Explaining why bulls could temporarily run out of steam, CryptoQuant drew comparisons to previous runs toward all-time highs.
<h2 id="bitcoin-whales-show-no-sign-of-selling">Bitcoin whales show no sign of selling</h2>
As <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/new-bitcoin-price-all-time-high-unlikely-trader-70k-floor" rel="null" target="null" text="null" title="null">Cointelegraph has reported</a>, the idea that the bull run will pause before $100,000 hits is far from new.&nbsp;
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-price-100k-by-thanksgiving-bulls-hold-key-level" rel="null" target="null" text="null" title="null">Bitcoin price can hit $100K by Thanksgiving if bulls hold key level</a>
Some see a long-awaited retest of newly won support levels, while bearish opinions see the chance of BTC/USD <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-breakout-black-swan-90k-btc-price-gold-stocks-high" rel="null" target="null" text="null" title="null">crashing to $50,000 or lower</a>.
CryptoQuant data nonetheless shows that investor conviction remains solid at current levels, with whales of all classes accumulating through new all-time highs.
“It’s interesting to note the balance of new whales, which has increased rapidly and could also indicate that more whales have been created recently,” fellow contributor Darkfost <a data-ct-non-breakable="null" href="https://cryptoquant.com/insights/quicktake/67387a8fab1574666199786a-Bitcoin-whales-are-still-accumulating" rel="null" target="null" text="null" title="null">wrote</a>.
<blockquote>
 “Even with BTC around 90k, they haven't stopped accumulating, and most are holding, which is a sign of confidence in the market.”
</blockquote>
<figure>
 <img alt="BTC price 'issues' include $70K dip despite Bitcoin whale accumulation" src="https://s3.cointelegraph.com/uploads/2024-11/01933a73-df68-784b-9f70-b742da8a9e07" title="">
 <figcaption style="text-align: center;">
 BTC whale balance data (screenshot). Source: CryptoQuant
 </figcaption>
</figure>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

BTC price 'issues' include $70K dip despite Bitcoin whale accumulation

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