Though the momentum of Bitcoin remains strong, there are many reasons that make $16,000 an attractive area for sellers.
There is significant liquidity at $16,000, primarily because it is a heavy resistance level. But the level has seen relatively high buyer demand, stablecoin inflows show. Hence, the battle between buyers and sellers at $16K makes it an area with high liquidity, which is compelling for sellers.
Bitcoin orderbook on futures exchanges. Source: CL, Exocharts Increasing signs of whales taking profits
A seller aggressively sold Bitcoin on Bybit on Nov. 15. Order flows show that there were sell orders worth around $3.5 million on average consecutively over several hours.
Based on the abrupt large-scale sell order, CL suggested that this may result in two scenarios.
First, the seller