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

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

Bitcoin (BTC), which lost $50,000 on Dec. 26, as the exchange inflows caught up to the cautiously positive mood, was the very first time that Bitcoin (BTC), had actually fallen in a couple of days.

New player increases $50,000 sales wall

This relocation was made in conjunction with a boost in inflows into significant exchange Binance. Order book information revealed that a brand-new wall of resistance was being constructed at $50,000.

Before the retrace began, the set reached $51,500. This culminated in a plunge to $49,644. Bitcoin was at the time of writing back at $50,000.

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

Heatmap chart for Binance order book. Source: Material Indicators

” This appears like an old player,” Material Scientist, an information analysis account noted in comments to Binances constantly-changing order books.

This habits suggests that a big volume financier is forming market predisposition. Binance was already suspect in this regard.

Balance chart for Binance BTC Source: Coinglass

The exchange balances increased by 60,000 BTC since Dec. 22 from 1.69 to 1.75 Million BTC, according to information from Coinglass, an on-chain monitoring resource.

Ethereum protects $4,000 defense zone

Altcoin traders were eliminated to see that the majority of large-cap tokens have actually remained fairly unaffected by Bitcoins current dip.

Related: Top Crypto Winners and Losers for 2021

Other top cryptocurrencies by market capital had losses less than 1.5%, or performed flat.

BITSTAMP: ETH/USD 1-hour candle charts Source: TradingView.

Pentoshi, a popular trader, highlighted $3,940-$ 4,000 in ETH/USD as an area bulls ought to defend moving on.

” Currently long. I would like to see some momentum and a push up from this bottom. He said he was seeking to offer in between 4.4 and 4.5 k.
Read More.

Prior to the retrace started, the pair reached $51,500. Bitcoin was at the time of composing back at $50,000.

” Currently long. I would like to see a push and some momentum up from this bottom. He said he was looking to offer between 4.4 and 4.5 k.
Read More.

At the time of composing, Ether (ETH), was still at $4,000.