skip to Main Content
bitcoin
Bitcoin (BTC) $ 87,047.32 2.17%
ethereum
Ethereum (ETH) $ 1,905.05 0.70%
tether
Tether (USDT) $ 1.00 0.02%
xrp
XRP (XRP) $ 2.18 0.74%
bnb
BNB (BNB) $ 607.70 1.00%
solana
Solana (SOL) $ 131.61 2.06%
usd-coin
USDC (USDC) $ 1.00 0.01%
dogecoin
Dogecoin (DOGE) $ 0.176105 1.03%
cardano
Cardano (ADA) $ 0.696336 0.89%
tron
TRON (TRX) $ 0.238358 1.10%

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

What appears to be a “new player” starts flipping $50,000 to resistance after some brief Christmas cheer for Bitcoin bulls.

2302 Total views

16 Total shares

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.

Loading data ...
Comparison
View chart compare
View table compare
Back To Top