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:
TradingView

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

Data
from

Cointelegraph
Markets
Pro

and

TradingView
 showed
volatility
hitting
BTC/USD
overnight
on
Saturday.

The
pair
had
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
already
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
traders,
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:
TradingView

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

For
ETH/USD,
popular
trader
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

added
.

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