Bitcoin slips under $ 50,000 as Binance whale warns placing stress on BTC value – Cointelegraph

Bitcoin (BTC) lost $ 50,000 for the first time in several days on December 26 as foreign exchange inflows caught up with cautious optimism.

BTC / USD 1-hour candle chart (Bitstamp). Source: TradingView

“New Player” strengthens sales wall worth $ 50,000

Data from Cointelegraph Markets Pro and TradingView showed that volatility hit BTC / USD overnight on Saturday.

The pair had hit $ 51,500 before starting backtracking, which culminated in a decline to $ 49,644. At the time of writing, Bitcoin was back at $ 50,000.

The move was accompanied by a surge in inflows into the major Binance exchange, with order book data showing a new wall of resistance was being built at $ 50,000.

Binance order book heatmap chart. Source: material indicators

The behavior suggests a large volume investor influencing the market and Binance has been the source of suspicion of such activity for the past few days.

“This looks like a new player,” noted data analytics account Material Scientist in comments on Binance’s rapidly changing order book setup.

Binance BTC balance sheet chart. Source: Coinglass

Overall, as of December 22nd, wallet balances have increased by 60,000 BTC from 1.69 million to 1.75 million BTC, data from on-chain monitoring resource Coinglass shows.

Ethereum maintains a defensive zone of $ 4,000

To a slight relief for altcoin traders, most large-cap tokens remained relatively intact after Bitcoin’s recent slump.

Related: Top Crypto Winners and Losers of 2021

Ether (ETH) was still above $ 4,000 at the time of writing.

ETH / USD 1-hour candle chart (Bitstamp). Source: TradingView

Others in the top ten cryptocurrencies by market capitalization either kept losses below 1.5% or experienced stagnant performance.

For ETH / USD, popular trader Pentoshi highlighted $ 3,940 to $ 4,000 as a “key area” that the bulls will have to defend in the future.

“Long right now. I would love to see a push up and some swing from that rounded bottom. I want to sell 4.4-4.5k,” he added.


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