Bitcoin price returns to $16K amid warning over BTC whale selling

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Bitcoin (BTC) headed greater into the Nov. 22 Wall Road open after setting one other two-year low.

BTC/USD 1-hour candle chart (Bitstamp). Supply: TradingView

Thanksgiving buywall seems at $12,000

Knowledge from Cointelegraph Markets Professional and TradingView adopted BTC/USD because it recrossed the $16,000 mark, having set lows of $15,480 on Bitstamp.

Momentum took the pair to $16,189 earlier than consolidating, marking beneficial properties of three.7% versus the day’s lows.

Discuss amongst analysts remained tied to the Digital Foreign money Group household, together with Grayscale, at the moment on the heart of rumors over the fallout from the defunct trade FTX.

For monitoring useful resource Materials Indicators, a “guard rail” bid at $12,000 might finally be what protected the market ought to a significant capitulation happen over the Thanksgiving vacation interval.

“Over $300M in BTC bid liquidity between right here and $12k,” it commented on a publish by CryptoQuant contributor Maartunn.

“This new $70M purchase wall might be a guard rail for the vacation week, it might be associated to hypothesis on a Grayscale announcement or one thing else. Regardless, we at all times keep watch over new fats purchase partitions.”

BTC/USD order guide knowledge (Binance). Supply: Maartunn/Twitter

Maartunn had uploaded a heatmap of the Binance order guide, exhibiting varied energetic purchase and promote ranges.

As Cointelegraph reported, in the meantime, draw back targets for BTC/USD largely targeted on $14,000 or underneath because the week started.

BTC hodlers really feel the stress

Different rising considerations centered on long-term holders (LTHs) of Bitcoin.

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In its newest weekly “The Week On-Chain” publication, analytics agency Glassnode warned that “non-trivial spending” from outdated fingers was on the rise.

“Their provide has declined by 84,560 BTC post-FTX, which stays one of the crucial important declines within the final 12 months,” it famous, including that the decline was “nonetheless underway.”

Likewise, the most important BTC traders, whales, have been additionally internet distributing cash to the market, this coming regardless of earlier knowledge exhibiting that sure entities had already begun shopping for the dip.

“The Whale cohort are in a mode of internet distribution at current, sending between 5k and 7k in extra BTC into exchanges,” Glassnode added.

“In the meantime, the flight of cash off exchanges by nearly all cohorts is at an all-time excessive. The whirlwind influence of the FTX collapse continues to play out, and it stays to be seen simply how intensive the shake-up to investor confidence has been.”

BTC provide held by LTHs annotated chart (screenshot). Supply: Glassnode

The views, ideas and opinions expressed listed here are the authors’ alone and don’t essentially replicate or characterize the views and opinions of Cointelegraph.



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