Bitcoin Falls Below $50,000 Due to a ‘new player’ Warning, a Binance Whale Pushing the Price of BTC Higher

Bitcoin Falls Below $50,000 Due to a 'new player' Warning, a Binance Whale Pushing the Price of BTC Higher

Volatility hit the BTC/USD instantly on Saturday, according to data from Cointelegraph Markets Pro and TradingView.

The duo had reached $51,500 before beginning to retrace their steps, eventually dropping to $49,644. Bitcoin was hovering around $50,000.

The rise overlapped with a rise in inflows to Binance’s main exchange, with order book data indicating that a new wall of resistance is forming near $50,000.

The activity indicates that investors are affecting the market with a big volume bias. In recent days, Binance has become a source of monitoring of such actions.

Material Scientist, a data analyst, said that this looks like a rookie on Binance’s fast-changing order book arrangement.

According to statistics from the on-chain monitoring tool Coinglass, currency balances grew by 60,000 BTC as of 22 December, rising from 1.69 million BTC to 1.75 million BTC.

Ethereum keeps its $4,000 defense zone Unharmed

Despite Bitcoin’s recent decline, most large-cap tokens mainly remained unaffected, bringing some relief to altcoin traders. The Ether (ETH) was still trading above $4,000. 

Most of the top ten cryptocurrencies held losses under 1.5 percent or maintained a consistent performance by market capitalization.

Famous trader, Pentoshi, identified $3,940-$4,000 as a “key” area for bulls to defend for ETH/USD. He said that presently, it’s pretty long. He would like to see some upward motion and some upward momentum in this rounded bottom. He hoped to sell between 4.4 and 4,500 dollars.

author
Bob Ford is a Cryptocurrency Expert living in Arizona. He has completed his graduation from imperial university. Bob is an active member of cryptocurrency Community since 2012. He has great idea about latest bitcoin trends and bitcoin price. He can be best reached at : <a href="mailto:don@bitcoinprice.fun">don@bitcoinprice.fun</a>

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