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

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

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

New player increases $50,000 sales wall

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

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

This move was made in conjunction with an increase in inflows into major exchange Binance. Order book data showed that a new wall of resistance was being constructed at $50,000.

Heatmap chart for Binance order book. Source: Material Indicators

This behavior suggests that a large volume investor is shaping market bias. Binance was already suspect in this regard.

“This looks like an old player,” Material Scientist, a data analysis account noted in comments to Binance’s constantly-changing order books.

Balance chart for Binance BTC Source: Coinglass

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

Ethereum preserves $4,000 defense zone

Altcoin traders were relieved to see that most large-cap tokens have remained relatively unaffected by Bitcoin’s recent dip.

Related: Top Crypto Winners and Losers for 2021

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

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

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

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

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

https://cointelegraph.com/news/bitcoin-slips-under-50k-amid-warning-new-player-binance-whale-is-pressuring-btc-price