The price of Bitcoin has taken a significant hit just hours after the cryptocurrency reached its highest point yet, and is now dropping below $50K.
Bitcoin is slipping under $50,000 amid warning “new player” Binance whale is pressuring BTC price. The cryptocurrency has been around for a while and has seen many ups and downs in its lifespan. Read more in detail here: bitcoin $48,000.
On Dec. 26, Bitcoin (BTC) dropped $50,000 for the first time in many days, as exchange inflows matched the cautiously hopeful atmosphere.
1 hour candle chart of BTC/USD (Bitstamp). TradingView is the source of this information.
A $50,000 sale wall is bolstered by a “new player.”
According to data from Cointelegraph Markets Pro and TradingView, BTC/USD volatility peaked overnight on Saturday.
After reaching $51,500, the pair began to retrace, resulting in a drop to $49,644. Bitcoin was back over $50,000 at the time of publication.
The increase coincided with a surge in inflows to major exchange Binance, with order book data indicating a fresh barrier of resistance at $50,000.
The heatmap graphic of Binance’s order book. Material Indicators is the source of this information.
The trend indicates that a large-volume investor is influencing market bias, and Binance has already been the target of such suspicion in recent days.
Material Scientist, a data analysis account, commented on Binance’s fast shifting order book arrangement, “This seems like a new player.”
BTC balance chart on Binance. Coinglass is the source of this information.
According to statistics from on-chain monitoring site Coinglass, exchange balances have creeped up 60,000 BTC since Dec. 22, rising from 1.69 million to 1.75 million BTC.
Ethereum keeps its $4,000 defensive zone intact.
Most large-cap tokens stayed largely undamaged following Bitcoin’s recent slump, providing some respite to altcoin traders.
2021’s top cryptocurrency winners and losers
At the time of writing, Ether (ETH) was still trading over $4,000.
1 hour candle chart of ETH/USD (Bitstamp). TradingView is the source of this information.
Others among the top 10 cryptocurrencies by market capitalization either maintained or increased their gains.
Popular trader Pentoshi identified $3,940-$4,000 as a “key” target for bulls to defend in the future for ETH/USD.
“Currently, it’s rather lengthy. From this rounded bottom, I’d want to see a push up and some momentum. I’m looking to sell a 4.4-4.5k car “Added he.
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The “crypto peak 2021” is a warning that the “new player” Binance whale is pressuring the BTC price. The last time Bitcoin slipped under $50K was in January 2018.
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