Data show Bitcoin whales have set large buy orders in the $17,000 to $17,200 zone in order to protect the current BTC rally.
According to analysis from Edward Morra, a popular Bitcoin trader, Coinbase and Bitfinex exchange now have major buy orders above $17,200.
The emergence of major buy walls is important because on Nov. 18, BTC flash crashed to around $17,222. This shows that whales are using large buy orders to defend the $17,200 support area with strength.
Bitcoin buy wall on Bitfinex. Source: Edward Morra, TradingLiteHow strong is the $17K support?
Both whale clusters and exchange order books show that the $17,000 level is turning into a major support area.
Above $18,500, there is little resistance until the all-time high at $20,000. This means if Bitcoin stays stable above $17,000, the chances for breaking out above $18,500 significantly increase.
Based on whale activity and exchange order books, it has become more unlikely that the price will drop