BTC price bounces at 1-week lows as Bitcoin whales sell into $35K
Bitcoin ( BTC ) tested $35,000 support into the Nov. 14 daily close as sell-side pressure sparked multiday lows.
BTC/USD 1-hour chart. Source: TradingViewBTC price sheds $1,000 in an hour
Data from Cointelegraph markets Pro and TradingView tracked a swift retreat for BTC price action, which fell over $1,000 in a single hourly candle.
The largest cryptocurrency found support at the $35,000 mark, forming a springboard to recover to around $35,600 at publication.
The volatility came hours after what at first looked like a positive news event for Bitcoin and crypto, with United States inflation slowing beyond expectations .
At the same time, however, analysts noted that beyond smaller retail investors, there was little appetite for buying BTC at prior levels around 18-month highs .
$BTC
— Skew Δ (@52kskew) November 14, 2023
once again spot buying on long liquidations deleveraging
overall though still want to see more of a spot premium
spot premium spot driven uptrend is what you want to see pic.twitter.com/VoXrWQDGMc
“On November 3, Bitcoin whales started booking profits as the $BTC price rose from $35,000 to nearly $38,000,” one such take from popular social media commentator Ali noted.
“More than 15 wallets with over 1,000 BTC sold or redistributed their holdings.”
An accompanying chart from on-chain analytics firm Glassnode showed that the cohort of whale wallets is now at its lowest number in around one month.
Bitcoin wallets with a balance of 1,000 BTC or more. Source: GlassnodeUploading prints of the Binance BTCUSDT">BTC/USDT order book to X (formerly Twitter) following the inflation data, meanwhile, monitoring resource Material Indicators reiterated the need to expect periods of downside within a broader Bitcoin uptrend.
“Market seemed to like the Core Inflation Report, but don’t let that fool you into thinking ‘up only’ will be sustainable,” part of the previous commentary read .
“There are no straight lines. The market is testing your patience and conviction.”
A subsequent post showed bid support moving closer to spot price — from $33,000 to $34,500 — while whales sold off.
#FireCharts shows all order classes selling #BTC as price breaks below the $35.5k range.
— Material Indicators (@MI_Algos) November 14, 2023
Meanwhile ~$9M in #BTC bid liquidity has just moved up from $33k to $34.5k. pic.twitter.com/DIfayNHYC7
Long liquidations hit highest in months
Traders themselves appeared to be caught unaware by the BTC price reversal.
Related: $48K is now ‘reasonable’ BTC price target — DecenTrader’s Filbfilb
Data from on-chain monitoring resource CoinGlass showed the highest volume of daily long BTC liquidations in several months.
These totaled $120 million for Nov. 14, roughly equal to the short BTC liquidations, which accompanied Bitcoin’s spike to $38,000 last week.
Cross-crypto longs were liquidated to the tune of nearly $300 million.
Crypto liquidations chart (screenshot). Source: CoinGlassThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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