Bitcoin

when

Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="null">BTC</a>) gave back early-week gains at the Nov. 18 Wall Street open as a liquidity hunt came for late longs.
<figure>
 <img alt="Bitcoin price dips 3% as liquidity hunt follows $4.6B MicroStrategy buy" src="https://s3.cointelegraph.com/uploads/2024-11/01933f9f-e680-7df6-9c26-c25a1970ef59" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-hour chart. Source: TradingView
 </figcaption>
</figure>
<h2 id="btc-price-reacts-as-microstrategy-announces-giant-purchase">BTC price reacts as MicroStrategy announces giant purchase</h2>
Data from <a data-ct-non-breakable="null" href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA.." rel="null" target="null" text="null" title="null">Cointelegraph Markets Pro</a> and <a data-ct-non-breakable="null" href="https://www.tradingview.com/symbols/BTCEUR/?exchange=BINANCE" rel="null" target="null" text="null" title="null">TradingView</a> showed a 3% BTC price drop, taking BTC/USD below the weekly close.
That weekly close had marked Bitcoin’s highest ever, but news that business intelligence firm MicroStrategy had <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/microstrategy-buys-52-k-bitcoin-4-6-billion-btc-new-highs" rel="" target="_self" text="null" title="https://cointelegraph.com/news/microstrategy-buys-52-k-bitcoin-4-6-billion-btc-new-highs">purchased $4.6 billion of BTC</a> over the past week appeared to sour the mood.
“Usually we get a short term dump on Saylor’s buy announcements as it explains a lot of the buying that was done,” popular trader Daan Crypto Trades <a data-ct-non-breakable="null" href="https://x.com/DaanCrypto/status/1858498914757832721" rel="null" target="null" text="null" title="null">responded</a> in a post on X.
BTC/USD hit new all-time highs near $93,500 on Nov. 13 before volatility set in, with intraday lows focusing on the area just below $87,000.
“Nothing changed with BTC,” popular trader and commentator Josh Rager <a data-ct-non-breakable="null" href="https://x.com/Rager/status/1858495567921365448" rel="null" target="null" text="null" title="null">argued</a> on the day.
<blockquote>
 “Bitcoin is just ranging and is very healthy after a 40% move up in just over week. In the meantime, let altcoins/memecoins fly and find price discovery. Current market win-win for entire crypto industry.”
</blockquote>
<figure>
 <img alt="Bitcoin price dips 3% as liquidity hunt follows $4.6B MicroStrategy buy" src="https://s3.cointelegraph.com/uploads/2024-11/01933f9d-e5e9-756a-bffd-5566380b2719" title="">
 <figcaption style="text-align: center;">
 Total crypto market cap 1-day chart. Source: TradingView
 </figcaption>
</figure>
Others entertained the idea of a deeper BTC price retracement, with “buy the dip” targets already extending <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/btc-price-70k-dip-bitcoin-whale-accumulation" rel="" target="_self" text="null" title="https://cointelegraph.com/news/btc-price-70k-dip-bitcoin-whale-accumulation">toward $70,000</a>.
“Bitcoin dips are still ready to be bought,” trader, analyst and entrepreneur Michaël van de Poppe <a data-ct-non-breakable="null" href="https://x.com/CryptoMichNL/status/1858427841458688509" rel="null" target="null" text="null" title="null">told</a> X followers.&nbsp;
<blockquote>
 “I think we’ll see a substantial dip across markets in the coming 1-2 weeks, but for now, enjoy the upward ride.”
</blockquote>
<figure>
 <img alt="Bitcoin price dips 3% as liquidity hunt follows $4.6B MicroStrategy buy" src="https://s3.cointelegraph.com/uploads/2024-11/01933f98-cd85-7f2e-a251-48992db27578" title="">
 <figcaption style="text-align: center;">
 BTC/USDT 1-day chart with RSI data. Source: Michaël van de Poppe/X
 </figcaption>
</figure>
<h2 id="opportunists-suffer-in-bitcoin-support-retest">Opportunists suffer in Bitcoin support retest</h2>
Bitcoin, meanwhile, began taking a wall of liquidity with its move below $90,000, with popular trader Skew noting increasing short positioning now entering.
“A lot of shorts just opened here into price &amp; still chasing ~ 2K + BTC in shorts. Some minor long capitulation as well on that move,” he <a data-ct-non-breakable="null" href="https://x.com/52kskew/status/1858497238882046182" rel="null" target="null" text="null" title="null">confirmed</a>.
Data from monitoring resource <a data-ct-non-breakable="null" href="https://www.coinglass.com/LiquidationData" rel="null" target="null" text="null" title="null">CoinGlass</a> put 24-hour BTC-long liquidations at around $35 million at the time of writing.
<figure>
 <img alt="Bitcoin price dips 3% as liquidity hunt follows $4.6B MicroStrategy buy" src="https://s3.cointelegraph.com/uploads/2024-11/01933f9b-2ef6-7ef9-81bd-3a2f8d8a1040" title="">
 <figcaption style="text-align: center;">
 BTC liquidations (screenshot). Source: CoinGlass
 </figcaption>
</figure>
“Usually these walls get pulled but this time they actually got sold into &amp; mostly got filled,” Skew <a data-ct-non-breakable="null" href="https://x.com/52kskew/status/1858508778980921666" rel="null" target="null" text="null" title="null">continued</a>.
<blockquote>
 “Funny if it was not intentional but let’s see if this price area gets defended now.”
</blockquote>
Daan Crypto Trades <a data-ct-non-breakable="null" href="https://x.com/DaanCrypto/status/1858509546576130416" rel="null" target="null" text="null" title="null">added</a> that Bitcoin had filled its latest “gap” on CME Group’s Bitcoin futures market.
<figure>
 <img alt="Bitcoin price dips 3% as liquidity hunt follows $4.6B MicroStrategy buy" src="https://s3.cointelegraph.com/uploads/2024-11/01933f99-a88c-7c3e-a5d1-5fab6e0cf10f" title="">
 <figcaption style="text-align: center;">
 BTC/USDT 15-minute chart with CME Bitcoin futures data. Source: Daan Crypto Trades/X
 </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.

Bitcoin price dips 3% as liquidity hunt follows $4.6B MicroStrategy buy

Table of Contents

Cointelegraph

Other articles published on Nov 18, 2024

Major Sign of Distress Spotted in Cardano (ADA) Rally

Ethereum ETF Riddle: $515M Inflow, Yet ETH Price Stalls

Upcoming Binance Listings: Spice Up Your 2024 with Massive Gains

Weekly Article Recap: 11/11-11/15

US Economic Indicators This Week: What They Mean for Bitcoin and Crypto Prices

Robinhood, Kraken, and Other Crypto Firms Launch Global Stablecoin Network

Join our free newsletter for daily crypto updates!