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Bitcoin slips under $50K amid warning 'new player' Binance whale is pressuring BTC price

Bitcoin slips under $50K amid warning ‘new player’ Binance whale is pressuring BTC price

Bitcoin (BTC) lost $50,000 for the first time in several days on Dec. 26 as exchange inflows caught up with the cautiously optimistic mood.

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

“New player” beefs up $50,000 sell wall

Data from Cointelegraph Markets Pro and TringView showed volatility hitting BTC/USD overnight on Saturday.

The pair h reached $51,500 before starting to retrace, this culminating in a dip to $49,644. At the time of writing, Bitcoin was back circling $50,000.

The move came in tandem with a rise in inflows to major exchange Binance, with order book data showing a new wall of resistance being built at $50,000.

Binance order book heatmap chart. Source: Material Indicators

The behavior points to a large-volume investor shaping market bias, and Binance was alrey the source of suspicion over such activity in recent days.

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

Binance BTC balance chart. Source: Coinglass

Overall, exchange balances have crept up 60,000 BTC beginning Dec. 22, from 1.69 million to 1.75 million BTC, data from on-chain monitoring resource Coinglass shows.

Ethereum preserves $4,000 defense zone

In some mild relief for altcoin trers, most large-cap tokens remained relatively unscathed after Bitcoin’s latest dip.

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: TringView

Others in the top ten cryptocurrencies by market cap either kept losses below 1.5% or saw flat performance.

For ETH/USD, popular trer Pentoshi highlighted $3,940-$4,000 as a “key” area for bulls to defend going forward.

“Currently long. Would like to see a push up and some momentum off this rounded bottom. Looking to sell 4.4-4.5k,” he ded.

META
ARTICLE: Bitcoin slips under $50K amid warning 'new player' Binance whale is pressuring BTC price
PUBLISHED: 2021-12-26 09:02:20 
SOURCE: https://cointelegraph.com/news/bitcoin-slips-under-50k-amid-warning-new-player-binance-whale-is-pressuring-btc-price
  • bitcoinBitcoin (BTC) $ 19,569.68
  • ethereumEthereum (ETH) $ 1,330.82
  • tetherTether (USDT) $ 1.00
  • usd-coinUSD Coin (USDC) $ 1.00
  • bnbBNB (BNB) $ 279.42
  • xrpXRP (XRP) $ 0.434154
  • binance-usdBinance USD (BUSD) $ 0.999617
  • cardanoCardano (ADA) $ 0.436292
  • solanaSolana (SOL) $ 33.18
  • dogecoinDogecoin (DOGE) $ 0.060654

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