Smaller wallets with less than 1 BTC are taking advantage of the dip.BTC may drop below $36,000 if sellers continue to take profits.
After the storm comes the calm is a popular saying, indicating respite to a turbulent situation. But for Bitcoin [BTC], the last 24 hours have not been the best of days.
At press time, BTC changed hands at $38,375, representing a 3.21% decrease within the said timeframe.
According to a 17th November Santiment post, the drawdown could be connected to widespread profit-taking in the market. The on-chain data provider also disclosed that addresses holding more than 100 BTC were the major culprits of the selling pressure.
However, smaller wallets with less than 1 BTC in their portfolio are doing Bitcoin the favor of buying. 
Big bets regardless
Considering the disparity and impact between these cohorts, BTC has no option but to slide.
However, Bitcoin’s drawdown does not seem to have affected the bullish bias traders have. AMBCrypto was able to get this inference from the Estimated Leverage Ratio (ELR) metric on CryptoQuant.
The ELR shows how much leverage market players are using on average. When the metric decreases, it means traders are being cautious with respect to margin levels.
However, Bitcoin’s ELR in the last 30 days, had increased to 0.21.
The increasing ELR trend suggests that traders are engaging more of the 20x, 50x, and 100x leverage to bet on the BTC price action. AMBCrypto’s conclusion that most of the positions were long was because of the funding rate.
Funding rates show if traders are either bullish or bearish on a coin price. A positive funding rate indicates bullish sentiment while a negative one suggests a bearish tone.
At press time, Bitcoin’s funding rate was 0.006, confirming that traders expect the price to recover in a short while.
Sellers are running riot
Another metric to consider regarding the BTC price is the Exchange Net Position Change. This metric gauges the 30-day supply held on exchanges. At press time, Bitcoin’s Exchange Net Position Change was 27.056.26.
This increase can be tagged as a sign that investors are looking to sell cash-in on their Bitcoin holdings. Assuming the metric dropped into the negative zone, then it would be a sign that investors have decided to hold.
Therefore, if the Exchange Net Position Change continues to remain positive over the next few days, then BTC may fall from $36,000..In conclusion, it is likely that Bitcoin has hit an overheated point for the time being. However, pullbacks are normal in long uptrend seasons as it is not usually a straight line to new highs.
Should intense accumulation return to the market, a move in the $38,000 direction could be next. But this might take a while considering the market condition at press time.
#binanacesquare #BTC/Update:
$BTC

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When a double top or double bottom chart pattern appears, a trend reversal has begun.Let’s learn how to identify these chart patterns and trade them.Double TopA double top is a reversal pattern that is formed after there is an extended move up. The “tops” are peaks that are formed when the price hits a certain level that can’t be broken.After hitting this level, the price will bounce off it slightly, but then return back to test the level again. If the price bounces off of that level again, then you have a DOUBLE top!This is a strong sign that a reversal is going to occur because it is telling us that the buying pressure is just about finished.With the double top, we would place our entry order below the neckline because we are anticipating a reversal of the uptrend.Wow! We must be psychic or something because we always seem to be right!Looking at the chart you can see that the price breaks the neckline and makes a nice move down.DOUBLE BOTTOMThe double bottom is also a trend reversal formation, but this time we are looking to go long instead of short.These formations occur after extended downtrends when two valleys or “bottoms” have been formed.You can see from the chart above that after the previous downtrend, the price formed two valleys because it wasn’t able to go below a certain level.Notice how the second bottom wasn’t able to significantly break the first bottom.This is a sign that the selling pressure is about finished, and that a reversal is about to occurWill you look at that!#BTC #doublebottom #binanacesquare