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December 26, 2021

Bitcoin Goes Below $50k

On Dec. 26, Bitcoin (BTC) dropped $50,000 for the first time in many days, as exchange inflows matched the cautiously positive atmosphere.  Volatility hit the leading crypto and 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 trend 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 seems like a new player.”

According to statistics from on-chain monitoring site Coinglass, exchange balances have creeped up 60,000 BTC since Dec. 22, rising from 1.69 million to 1.75 million BTC.

Ethereum keeps its $4,000 defensive zone intact

Most large-cap tokens stayed largely undamaged following Bitcoin’s recent slump, providing some respite 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” target for bulls to defend in the future for ETH/USD.

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