Bitcoin drops below $ 50,000 as Binance issues a “new player” warning

What looks like a “new player” starts to push $ 50,000 on the resistance after a brief Christmas cheer for Bitcoin bulls.

Market update

Bitcoin (BTC) lost $ 50,000 for the first time in days on December 26 as foreign exchange capital inflows were caught with cautious optimism.

“New Players” bring in $ 50,000 in wall sales

Data from Cointelegraph Markets Professional and TradingView show that volatility hit BTC / USD overnight on Saturday.

The pair hit $ 51,500 before initiating a retracement that culminated in a decline to $ 49,644. At the time of writing, Bitcoin was back at $ 50,000.

The move comes on a piece of music with a surge in inflows into the big Binance exchange, with order book data showing a new resistance wall being built at $ 50,000.

The market-shaping behavior of a large investor indicates a market trend, and Binance has Source of doubt about such activities in the past few days.

“This looks like a new player,” noted Data Analytics Account Materials Scientist in comments on Binance’s rapidly changing order book setup.

Overall, the wallet balances have increased by 60,000 BTC since December 22, from 1.69 million to 1.75 million BTC, according to data from the on-chain monitoring resource Coinglass.

Ethereum defends $ 4,000 defense area

As a slight relief for altcoin traders, most large-cap tokens remain relatively peaceful after Bitcoin’s recent decline.

Related: Top Crypto Winners and Losers of 2021

Ether (ETH) remains above $ 4,000 at press time.

Others in the top ten cryptocurrencies by market cap either kept their losses below 1.5% or remained flat.

For ETH / USD, popular trader Pentoshi calls $ 3,940 to $ 4,000 a “key area” that bulls will have to defend in the future.

“The present is long. I want to see some push up and some momentum out of this round bottom. I want to sell 4.4-4.5k, ”he says more.