Bitcoin Market Update 15.NOV.2024

Current Market Phase: Bitcoin is in an active markup phase, with strong upward momentum on higher timeframes. The current price stands at $88,095 as of 08:08 GMT+1.

Order Flow and Big Orders: There’s increased buying pressure and institutional interest supporting the markup phase. Large buy orders around $86,000 to $88,000 are forming a strong support zone, showing confidence from large players, including whales.

Derivative Market Analysis: Open interest in long positions has increased, indicating a bullish sentiment. Funding rates remain slightly positive, suggesting that long positions are not overly leveraged, which reduces immediate pullback risks. Additionally, whales are actively participating, suggesting further upside potential.

On-Chain Metrics and Whale Activity: On-chain data shows elevated transaction volumes, particularly from high-net-worth wallets. Whales have been accumulating between $85,000 and $88,000, forming a solid support base. This implies that if prices dip, whale support is likely.

Forecast: Next Top and Bottom. Expected Top: Bitcoin is projected to reach between $91,500 and $92,500 in the next 2 to 3 days. Expected Bottom: Following this, a re-accumulation zone is anticipated around $86,500 to $88,000 within 3 to 4 days.

Summary and Strategy: In the short term, Bitcoin may test the $91,500 to $92,500 range. A correction could follow with a bottom forming around $86,500 to $88,000, as whale support holds steady, sustaining the overall bullish trajectory in this markup phase.

Recommendations: For long positions, consider partial profit-taking near the $91,500 to $92,500 level, with potential re-entry around $86,500 to $88,000. Watch funding rates closely to avoid over-leverage, and keep an eye on whale activity near support levels to confirm a strong base for continued uptrend.