Bitcoin Drops to Week Low as Whales Sell
15 Nov, 2023 ● Coin news
As sell-side pressure sparked multiday lows, Bitcoin (BTC) tested the $35,000 support into the Nov. 14 daily close.
BTC price action fell over $1,000 in a single hourly candle, with the largest cryptocurrency finding support by the $35,000 mark, forming a springboard to around $35,600 at the time of publication.
The volatility came just hours after what appeared to be a positive news event for Bitcoin and cryptocurrency, with US inflation slowing faster than expected.
At the same time, analysts noted that, aside from small retail investors, there was little appetite for purchasing BTC at prior levels near 18-month highs.
“On November 3, Bitcoin whales started booking profits as the $BTC price rose from $35,000 to nearly $38,000,” popular social media commentator Ali noted.
“More than 15 wallets with over 1,000 BTC sold or redistributed their holdings.”
According to an accompanying chart from on-chain analytics firm Glassnode, the cohort of whale wallets is now at its lowest point in about a month.
Following the inflation data, prints of the Binance BTC/USDT order book were uploaded to X (formerly Twitter), while tracking resource Material Indicators reiterated the need to expect periods of downside within a larger Bitcoin uptrend.
"Market seemed to like the Core Inflation Report, but don't let that fool you into thinking 'up only' will be sustainable," a previous commentary stated.
“There are no straight lines. The market is testing your patience and conviction.”
Following that, bid support moved closer to the spot price — from $33,000 to $34,500 — as whales sold off.
Sources:
https://cointelegraph.com/news/btc-price-1-week-lows-bitcoin-whales-sell-35k
https://coinmarketcap.com/currencies/bitcoin/
https://twitter.com/52kskew/status/1724508744116216107
https://twitter.com/MI_Algos/status/1724444824793723360
