Bitcoin experiences a significant sell-off as bitcoin whales divest into the $35,000 range, resulting in the cryptocurrency hitting a one-week low.
After a week of Upward movement, Bitcoin experienced a significant drop of $1,000 within just one hour, as a flow of liquidations targeted late Bitcoin long positions. The cryptocurrency tested the $35,000 support during the daily close on November 14, facing sell-side pressure that led to multi-day lows.
$1000 Decline in a Single Hour by Bitcoin Whales
The rapid fall back in Bitcoin’s price, falling over $1,000 in a single hourly candle. Despite the volatility, Bitcoin found support at the $35,000 level, serving as a launching pad for a recovery to around $35,600 at the time of this publication.
Market Trend for Bitcoin
The intensifying market activity followed what initially seemed like positive news for Bitcoin and the crypto market, with United States inflation slowing beyond expectations.
However, analysts observed a lack of interest in purchasing Bitcoin at previous levels, especially among larger investors, despite the positive inflation data. Bitcoin whales began to book profits as the BTC price rose from $35,000 to nearly $38,000.
More than 15 wallets holding over 1,000 BTC either sold or redistributed their holdings, as revealed by Glassnode, which also indicated that the number of whale wallets is now at its lowest in around one month.
Analyzing the Binance BTC/USDT order book after the inflation data, and monitoring resource Material Indicators emphasized the importance of expecting periods of downside within a broader Bitcoin uptrend.
FireCharts showed that all order classes sold BTC as price breaks below the $35.5k range. The market dynamics reflected bid support moving closer to the spot price, ranging from $33,000 to $34,500, while whales engaged in selling off their holdings.
On-chain monitoring by CoinGlass revealed the most fundamental daily volume of long Bitcoin (BTC) liquidations in several months.
As of November 14, these liquidations amounted to $120 million, approximately matching the volume of short BTC liquidations that occurred during Bitcoin’s surge to $38,000 the previous week. Additionally, there were almost $300 million in liquidations across various cryptocurrencies.
To conclude, the recent sell-off initiated by Bitcoin whales, particularly around the $35,000 mark, has led to Bitcoin hitting a one-week low. Whale movements should be closely monitored by investors and traders for potential insights into future market trends.
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