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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Notorious B.I.D. 2.0: Biggie-Sized Bidder Will Fuel Bitcoin Rally Again?

Ronaldo Marquez
Ronaldo Marquez
1 year ago
3 mins read
Bitcoin

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The cryptocurrency market has experienced significant volatility in recent months, with the price of Bitcoin (BTC) dropping from its new yearly high of $31,000 to its current trading price of $27,300. This pullback has left Bitcoin at a crossroads, with traders waiting to see whether the key support level of $27,000 will hold or break.

However, Bitcoin is known for its volatility, and bid liquidity movement can provide valuable insights into market activity. In Q1/2023, a block of bid liquidity was identified in what appeared to be controlled by a single entity, which was named Notorious B.I.D, according to the research and analysis firm Material Indicators. 

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Bitcoin Rally 2.0 On The Horizon?

This entity was successful in attracting more bids to fuel a Bitcoin rally, and the movement of bid liquidity became predictable over time. However, the game ended with a rug pull in the first week of March.

As of this writing, according to Materials,  there are indications that a similar entity may be active in the market again, with bid liquidity movement that looks similar to what was seen in Q1. While there is no way of knowing for sure if Notorious B.I.D. is back, it appears that somebody is using a large stack to play a similar game.

Bitcoin
Notorious B.I.D wall spotted once again on BTC’s firechart. Source: Material Indicators on Twitter.

One of the key differences between what was seen in Q1 and what is being observed now is that the buy walls are changing size. This could be a distribution strategy, as the large buyer seeks to push the price up to a higher distribution range and ultimately use those bids as exit liquidity. 

According to the fire chart of the Material Indicator, there is a substantial bid wall situated just below the $26,000 mark. This bid wall may have the potential to prevent a further decline in Bitcoin’s price shortly, but only if the $27,000 support floor is broken. Despite this, Bitcoin’s current support level has remained stable, indicating that there is a possibility of a rebound to higher levels. Therefore, it cannot be ruled out that Bitcoin’s price may bounce back to higher levels.

BTC’s MVRV Reaches 11-Month High

According to Gaah, a researcher and analyst from the CryptoQuant Firm, the MVRV (market-value-to-realized-value) ratio is a key indicator of market sentiment and can provide valuable insights into investor behavior. The ratio is calculated by dividing the market capitalization of Bitcoin by its realized capitalization, which is the sum of the value of all Bitcoin transactions since they were last moved on-chain.

Bitcoin
BTC’s MVRV ratio reached an 11-month high. Source: CryptoQuant.

When the MVRV ratio is in the green quadrant, below a value of 1.44, it is considered to be in the accumulation zone. This indicates that there is decreased selling pressure in the market, as the realized capitalization of Bitcoin exceeds its market capitalization. In other words, investors are less motivated to sell their Bitcoin, as they believe that its true value is higher than its current market price.

Gaah notes that the MVRV ratio reached a high of 0.82 in December 2022, when Bitcoin was still trading at around $17,000. This is the same level that the ratio reached in 2018, just before Bitcoin experienced a significant drop in value. However, Gaah believes that the current market conditions are different and that the MVRV ratio is a reflection of the increasing institutional adoption of Bitcoin.

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BTC is trading sideways above its key support floor at $27,000. Source: BTCUSDT on TradingView.com

Featured image from Unsplash, chart from TradingView.com

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Read more

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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