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Bitcoin price returns to $16k amid warning of bitcoin whale selling

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bitcoin (BTC) headed higher on Wall Street on November 22 after hitting a two-year low.

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

Thanksgiving buywall shown at $12,000

information from Cointelegraph Markets Pro And the TradingView BTC/USD followed as it re-passed the $16,000 mark, after setting as low as $15,480 on Bitstamp.

The momentum took the pair to $16,189 before consolidating, posting a 3.7% gain against today’s lows.

Talk among analysts linked to the Digital Currency Group family, including Grayscale, has currently been at the center of rumors about the fallout from the defunct FTX exchange.

To keep an eye on the physical indicators of the resources, a $12,000 “guard barrier” offer could ultimately be what protects the market in the event of a major capitulation during the Thanksgiving holiday period.

“Over $300M in BTC offer liquidity between here and $12K,” she captioned a post by CryptoQuant. contributor Martin.

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“The new $70 million buy wall could be a guardrail for the holiday week, it could be related to speculation about the Grayscale ad or something else. Regardless, we’re always watching the new fat buy wall.”
BTC/USD order book data (Binance). Source: Maartunn / Twitter

Maartunn uploaded a heatmap of Binance’s order book, which shows different active buying and selling levels.

Cointelegraph, meanwhile, also reported mostly downside targets for BTC/USD Focus on $14,000 or less With the beginning of the week.

BTC miners are feeling the pressure

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

Related: Cathie Wood’s ARK Invest Adds More Bitcoin Exposure as GBTC and Coinbase Stock Hit New Lows

in its latest weekly issue.week on seriesIn the newsletter, analytics firm Glassnode warns that “non-trivial spending” from old hands is on the rise.

It noted that “its supply decreased by 84,560 BTC after FTX, which is still one of the most significant declines in the past year,” adding that the decline is “still in progress.”

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Similarly, the largest BTC investors, the whales, were also doling out net coins in the market, and this comes despite previous data showing that some entities have I already started buying dips.

“The whale group is currently in net distribution mode, sending between 5k and 7k excess bitcoins to exchanges,” Glassnode added.

Meanwhile, the flight of coins from exchanges by nearly all cohorts is at an all-time high. The whirlwind effect of FTX’s collapse continues to play out, and it remains to be seen how widespread the change in investor confidence will be.”
View BTC held by LTH annotated chart (screenshot). Source: Glassnode

The views, ideas and opinions expressed herein are those of the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.