Crypto Weekly
Subscribe
No Result
View All Result
Crypto Weekly
  • Home
  • News
    • Bitcoin
    • Binance
    • Ripple
    • Ethereum
    • Cardano
  • Learn
    • Crypto 101
    • Crypto Wallets
    • Crypo Investing
  • Regulation
  • Advertise with us
  • Subscribe
No Result
View All Result
Crypto Weekly Magazine
No Result
View All Result
  • Home
  • News
  • Learn
  • Regulation
  • Advertise with us
  • Subscribe

Bitcoin price returns to $16K amid warning over BTC whale selling

by
November 22, 2022
in bitcoin, News
0
Bitcoin price returns to $16K amid warning over BTC whale selling

Bitcoin’s modest recovery from two-year lows comes as major BTC price support emerges at $12,000.

Bitcoin (BTC) headed higher into the Nov. 22 Wall Street open after setting another two-year low.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Thanksgiving buywall appears at $12,000

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it recrossed the $16,000 mark, having set lows of $15,480 on Bitstamp.

Momentum took the pair to $16,189 before consolidating, marking gains of 3.7% versus the day’s lows.

Talk among analysts remained tied to the Digital Currency Group family, including Grayscale, currently at the center of rumors over the fallout from the defunct exchange FTX.

For monitoring resource Material Indicators, a “guard rail” bid at $12,000 could ultimately be what protected the market should a major capitulation occur over the Thanksgiving holiday period.

“Over $300M in BTC bid liquidity between here and $12k,” it commented on a post by CryptoQuant contributor Maartunn.

“This new $70M buy wall could be a guard rail for the holiday week, it could be related to speculation on a Grayscale announcement or something else. Regardless, we always keep an eye on new fat buy walls.”BTC/USD order book data (Binance). Source: Maartunn/Twitter

Maartunn had uploaded a heatmap of the Binance order book, showing various active buy and sell levels.

As Cointelegraph reported, meanwhile, downside targets for BTC/USD mostly focused on $14,000 or under as the week began.

BTC hodlers feel the pressure

Other growing concerns centered on long-term holders (LTHs) of Bitcoin.

Related: Cathie Wood’s ARK Invest adds more Bitcoin exposure as GBTC, Coinbase stock hit new lows

In its latest weekly “The Week On-Chain” newsletter, analytics firm Glassnode warned that “non-trivial spending” from old hands was on the increase.

“Their supply has declined by 84,560 BTC post-FTX, which remains one of the most significant declines in the last year,” it noted, adding that the decline was “still underway.”

Likewise, the largest BTC investors, whales, were also net distributing coins to the market, this coming despite previous data showing that certain entities had already begun buying the dip.

“The Whale cohort are in a mode of net distribution at present, sending between 5k and 7k in excess BTC into exchanges,” Glassnode added.

“Meanwhile, the flight of coins off exchanges by almost all cohorts is at an all-time high. The whirlwind impact of the FTX collapse continues to play out, and it remains to be seen just how extensive the shake-up to investor confidence has been.”BTC supply held by LTHs annotated chart (screenshot). Source: Glassnode

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Previous Post

Litecoin hits fresh 2022 high versus Bitcoin — But will LTC price ‘halve’ before the halving?

Next Post

Ripple price analysis: Bullish wave surpasses $0.3734 hurdle after a recent upturn

Next Post
Ripple price analysis: Bullish wave surpasses $0.3734 hurdle after a recent upturn

Ripple price analysis: Bullish wave surpasses $0.3734 hurdle after a recent upturn

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Got a Story tip? Email Contact@cryptoweeklymag.com

CMC Coin

A marketing-focused coin w/ a unique set of tokenomics & incredible use cases! The official coin of Crypto Weekly Mag!
Learn More

News

Recent Posts
  • Ethereum price analysis: ETH corrects lower after a week of gains
  • Cardano price analysis: ADA declines to $0.3416 as bears take control
  • Price analysis 3/27: SPX, DXY, BTC, ETH, BNB, XRP, ADA, MATIC, DOGE, SOL
  • The Global Crypto Landscape: Countries That Accept Crypto in 2023
  • Binance expands to Georgia with a regional hub
  • Will BTC ditch the bear market? 5 things to know in Bitcoin this week
  • G7 leaders to push for tougher crypto regulations

Office

Crypto Weekly
71 – 75 Shelton Street
Covent Garden London, UK

Stay Connected

Facebook Twitter Instagram Telegram

© 2022 crypto weekly. All rights reserved

  • Home
  • News
    • Bitcoin
    • Binance
    • Ripple
    • Ethereum
    • Cardano
  • Learn
    • Crypto 101
    • Crypto Wallets
    • Crypo Investing
  • Regulation
  • Advertise with us
  • Subscribe
Translate »