Bitcoin (BTC) lost $ 50,000 for the first time in days on December 26, when the coin’s offer took on a cautiously optimistic mood.
1 hour light chart BTC / USD (bit print). Source: TradingView
New Player Increases Sales Wall by $ 50,000
Data from Cointelegraph Markets Pro and TradingView showed volatility hitting BTC / USD on Saturday night.
The pair hit $ 51,500 before starting to decline, peaking at $ 49,644. At the time of writing, Bitcoin is back at roughly $ 50,000.
The move coincided with an increase in capital inflows to the main exchange, Binance, as order book data showed a new $ 50,000 wall of resistance was being built.
Binance order book heatmap chart. Source: physical indicators.
This behavior suggests that a large investor is distorting the market, and that Binance has already raised suspicions about such activity in recent days.
“This looks like a new player,” a data analyst researcher said in a comment on Binance’s rapidly changing order book structure.
Binance BTC balance chart. Source: Coinglass
According to the resource Coinglass, on the balance of coins in total as of December 22, the balance of coins increased by 60,000 BTC from 1.69 million to 1.75 million BTC.
Ether leaves $ 4,000 for protection
Much to the relief for altcoin traders, most large corporate tokens have remained relatively intact since Bitcoin’s recent plunge.
Related: Top Crypto Miners And Losers Of 2021
Ether (ETH) is still well over $ 4,000 at the time of writing.
1-hour light chart ETH / USD (bit print). Source: TradingView
Other top 10 cryptocurrencies by market cap have either kept their losses below 1.5% or have not changed.
With regard to ETH / USD, popular trader Pentoshi has highlighted $ 3,940-4,000 as a “key area” that bulls should protect in the future.
“Long at the moment. I would like to see growth and some speed from this round bottom. It looks like 4.4-4.5 thousand have been sold. “