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

Bitcoin (BTC) misplaced $50,000 for the primary time in a number of days on Dec. 26 as trade inflows caught up with the cautiously optimistic temper.

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

“New participant” beefs up $50,000 promote wall

Knowledge from Cointelegraph Markets Professional and TradingViewconfirmed volatility hitting BTC/USD in a single day on Saturday.

The pair had reached $51,500 earlier than beginning to retrace, this culminating in a dip to $49,644. On the time of writing, Bitcoin was again circling $50,000.

The transfer got here in tandem with a rise in inflows to main trade Binance, with order guide knowledge displaying a brand new wall of resistance being constructed at $50,000.

Binance order guide heatmap chart. Source: Materials Indicators

The habits factors to a large-volume investor shaping market bias, and Binance was already the source of suspicion over such exercise in current days.

“This seems to be like a brand new participant,” knowledge evaluation account Materials Scientist famous in feedback on Binance’s rapidly-changing order guide setup.

Binance BTC steadiness chart. Source: Coinglass

General, trade balances have crept up 60,000 BTC starting Dec. 22, from 1.69 million to 1.75 million BTC, knowledge from on-chain monitoring useful resource Coinglass exhibits.

Ethereum preserves $4,000 protection zone

In some delicate reduction for altcoin merchants, most large-cap tokens remained comparatively unscathed after Bitcoin’s newest dip.

Prime crypto winners and losers of 2021

Ether (ETH) was nonetheless above $4,000 on the time of writing.

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

Others within the prime ten cryptocurrencies by market cap both stored losses beneath 1.5% or noticed flat efficiency.

For ETH/USD, well-liked dealer Pentoshi highlighted $3,940-$4,000 as a “key” space for bulls to defend going ahead.

“At present lengthy. Want to see a push up and a few momentum off this rounded backside. Trying to promote 4.4-4.5k,” he added.


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