After some brief Christmas glee for Bitcoin bulls, what appears to be a “new player” starts flipping $50,000 to resistance.
On Dec. 26, Bitcoin (BTC) lost $50,000 for the first time in many days, as exchange inflows matched the cautiously hopeful atmosphere.
“New player” beefs up $50,000 sell wall
BTC/USD volatility touched BTC/USD overnight on Saturday, according to data from Cointelegraph Markets Pro and TradingView.
After reaching $51,500, the pair began to retrace, resulting in a drop to $49,644. Bitcoin was back above $50,000 at the time of publication.
The increase coincided with a surge in inflows to major exchange Binance, with order book data indicating a fresh barrier of resistance at $50,000.
The behaviour indicates that a large-volume investor is influencing market bias, and Binance has already been the target of such suspicion in recent days.
Material Scientist, a data analysis account, commented on Binance’s fast shifting order book arrangement, “This looks like a new player.”
According to statistics from on-chain monitoring resource Coinglass, exchange balances have crept up 60,000 BTC since Dec. 22, rising from 1.69 million to 1.75 million BTC.
Ethereum preserves $4,000 defense zone
Most large-cap tokens stayed largely undamaged after Bitcoin’s latest slump, providing some relief to altcoin traders.
At the time of writing, Ether (ETH) was still trading above $4,000.
Others among the top 10 cryptocurrencies by market capitalization either maintained or increased their gains.
Popular trader Pentoshi identified $3,940-$4,000 as a “key” area for bulls to defend in the future for ETH/USD.
“Currently, it’s quite long. From this rounded bottom, I’d want to see a push up and some momentum. I’m looking to sell a 4.4-4.5k car “Added he.
