Bitcoin (BTC) price has seen fluctuation in the past 12 hours. BTC dropped from $ 16,400 to $ 15,750 within hours. It declined sharply after breaking the $ 16,000 resistance earlier this week. As of November 14, the 20-day moving average of BTC on the daily chart is at the level of $ 14,600. In the near term, if there is a retracement, the $ 14,600 level remains a viable area for buyers, according to Cointelegraph writer and analyst Joseph Young. A trader known as "CryptoGainz" explained that the current market structure of Bitcoin leads to a possible sale. The trader spotted a slack in sell orders of $ 16,500 that did not decrease as BTC reached $ 16,400. This may indicate that sell orders at that level are not fake orders. Therefore, it could show that sellers are really trying to make a profit by selling BTC at around $ 16,500. The decline in BTC may also be due to this sale. Bitcoin's daily price chart. Source: TradingView.com Is $ 16.5k problematic for BTC in the near term? According to Cointelegraph analyst, when traders or bots try to trick the Bitcoin market, they place fake orders at key support or resistance levels. For example, if traders place large amounts of fake orders near a resistance level, there is a chance that buyers will not enter the resistance level. Hence, this fraud can be used to artificially increase or limit the momentum of a market. During the last BTC rally, "demands", ie sell orders, above $ 16,500 did not disappear. With this in mind, $ 16,500 is still likely to act as a heavy resistance level in the near term. Before the Bitcoin price went down, BTC was at around $ 16,200 while the anonymous trader said: "I CAN'T SAY THAT WE WILL COULD, BUT THE PEOPLE WHO HAVE A LOT OF CAPITAL AT THIS POINT HAVE BEEN THERE FOR A LONG TIME AND THE PRICE HAS INCREASED TO THERE."content://com.android.chrome.FileProvider/images/screenshot/16053826496641504784955.jpg