Bitcoin falls below $ 50,000 as it warns that Binance’s “new” whale is pushing the price of BTC

Bitcoin (BTC) lost $ 50,000 for the first time in several days on December 26, as deposits on exchanges caught up with the cautiously positive sentiment.

1-hour candlestick chart for the BTC / USD (Bitstamp) pair. Source: TradingView

A “new player” strengthens the selling wall at USD 50,000

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

The pair had hit $ 51,500 before pulling back, culminating in a decline to $ 49,644. At press time, Bitcoin was around $ 50,000.

Bitcoin falls below $ 50,000 as it warns that Binance’s “new” whale is pushing the price of BTC
Bitcoin falls below $ 50,000 as it warns that Binance’s “new” whale is pushing the price of BTC

The move came in parallel with a surge in deposits at Binance, with data from the order book showing a new wall of resistance at $ 50,000.

Calo card from Binance’s order book. Source: material indicators

The behavior suggests that a large investor is influencing market tilt, and Binance already is was a source of suspicion for this activity in the past few days.

“This looks like a new player,” noted the data analytics account Material Scientist in its comments on Binance’s rapidly changing order book settings.

Binance BTC balance sheet chart. Source: Coinglass

Overall, the stock exchanges’ balance sheets have increased by 60,000 BTC from 1.69 million to 1.75 million BTC since December 22, according to data from on-chain monitoring resource Coinglass.

Ethereum retains $ 4,000 defense zone

To the relief of altcoin traders, most large-cap tokens remained relatively intact after the recent Bitcoin price drop.

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

ETH / USD (Bitstamp) 1-hour candlestick chart. Source: TradingView

Other cryptocurrencies of the major cryptocurrencies by market capitalization kept the losses below 1.5% or remained unchanged.

In the case of the ETH / USD pair, popular trader Pentoshi highlighted the $ 3,940-4,000 range as the “key area” that bulls will have to defend going forward.

“Currently long. I would like to see some move up and some momentum from this rounded bottom. I expect to sell at $ 4,400-4,500,” he added. added Dealers.

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