Bitcoin (BTC) tested $35,000 support into the Nov. 14 daily close as sell-side pressure sparked multi-day lows.
BTC price sheds $1,000 in an hour
The largest cryptocurrency found support at the $35,000 mark, this forming a springboard for a recovery to press time levels of around $35,600.
The volatility came hours after what at first looked like a positive news event for Bitcoin and crypto — United States inflation slowing beyond expectations.
At the same time, however, analysts noted that beyond smaller retail investors, there was little appetite for buying BTC at prior levels around 18-month highs.
once again spot buying on long liquidations & deleveraging
overall though still want to see more of a spot premium
spot premium & spot driven uptrend is what you want to see pic.twitter.com/VoXrWQDGMc
— Skew Δ (@52kskew) November 14, 2023
“On November 3, Bitcoin whales started booking profits as the $BTC price rose from $35,000 to nearly $38,000,” one such take from popular social media commentator Ali noted.
“More than 15 wallets with over 1,000 BTC sold or redistributed their holdings.”
An accompanying chart from on-chain analytics firm Glassnode showed that cohort of whale wallets now at its lowest number in around one month.
Uploading prints of the Binance BTC/USDT order book to X following the inflation data, meanwhile, monitoring resource Material Indicators reiterated the need to expect periods of downside within a broader Bitcoin uptrend.
“Market seemed to like the Core Inflation Report, but don’t let that fool you into thinking ‘up only’ will be sustainable,” part of previous commentary read.
‘There are no straight lines. The market is testing your patience and conviction.”
A subsequent post showed bid support moving closer to spot price — from $33,000 to $34,500 — while whales sold off.
— Material Indicators (@MI_Algos) November 14, 2023
Long liquidations hit highest in months
Traders themselves appeared to be caught unaware by the BTC price reversal.
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