Bitcoin () lost $50,000 for the first time in several days on Dec. 26 as exchange inflows caught up with the cautiously optimistic mood.
«New player» beefs up $50,000 sell wall
Data fromand showed volatility hitting BTC/USD overnight on Saturday.
The pair had reached $51,500 before, this culminating in a dip to $49,644. At the time of writing, Bitcoin was back circling $50,000.
The move came in tandem with ato major exchange Binance, with order book data showing a new wall of resistance being built at $50,000.
The behavior points to a large-volume investor shaping market bias, and Binance was already theover such activity in recent days.
«This looks like a new player,» data analysis account Material Scientist noted in comments on Binance’s rapidly-changing order book setup.
Overall, exchange balances have crept up 60,000 BTC beginning Dec. 22, from 1.69 million to 1.75 million BTC, data from on-chain monitoring resource Coinglass shows.
Ethereum preserves $4,000 defense zone
In some mild relief for altcoin traders, most large-cap tokens remained relatively unscathed after Bitcoin’s latest dip.
Ether () was still above $4,000 at the time of writing.
Others in the top ten cryptocurrencies by market cap either kept losses below 1.5% or saw flat performance.
For ETH/USD, popular trader Pentoshi highlighted $3,940-$4,000 as a «key» area for bulls to defend going forward.
«Currently long. Would like to see a push up and some momentum off this rounded bottom. Looking to sell 4.4-4.5k,» he.