Bitcoin (BTC) lost $ 50,000 for the first time in multiple days on December 26 as deposits to exchanges caught up with cautiously upbeat mood.
A “new player” strengthens the sales wall at USD 50,000
Data from Cointelegraph Markets Pro and TradingView showed volatility hitting the BTC / USD pair overnight on Saturday.
The pair had reached $ 51,500 before starting to pull back, culminating in a drop to $ 49,644. At press time, Bitcoin was hovering around $ 50,000.
The move came in parallel with a surge in deposits to Binance, with data from the order book showing a new wall of resistance building at $ 50,000.
The behavior points to a high-volume investor shaping the market bias, and Binance is already was a source of suspicion for such activity in recent days.
“This looks like a new player,” noted data analytics account Material Scientist in its comments on Binance’s rapidly changing order book settings.
Overall, exchanges’ balances have risen 60,000 BTC since December 22, from 1.69 million to 1.75 million BTC, according to data from on-chain monitoring resource Coinglass.
Ethereum retains $ 4,000 zone of defense
To the relief of altcoin traders, most large-cap tokens were relatively unscathed following the latest Bitcoin price drop.
Ether (ETH) was still above $ 4,000 at the time of writing.
Other cryptocurrencies of the major cryptocurrencies by market capitalization kept losses below 1.5% or were flat.
In the case of the ETH / USD pair, popular trader Pentoshi highlighted the $ 3,940-4,000 range as a “key” zone for bulls to defend going forward.
“Currently long. I would like to see a move higher and some momentum from this rounded bottom. I expect to sell at $ 4,400 – $ 4,500,” added the trader.