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    Bitcoin slips under $50K amid warning 'new player' Binance whale is pressuring BTC price

    Abstract:Bitcoin takes a hit from exchange inflows as Binance whale triggers a BTC price rout below $50,000.

      Market Update

    NEW player” beefs up $50,000 sell wall

      DATA from Cointelegraph Markets PRO and TradingView showed volatility hitting BTC/USD overnight on Saturday.

      THE pair had reached $51,500 beFORe starting to retrace, this culminating in a DIP to $49,644. At the TIME of writing, Bitcoin was back circling $50,000.

      The move came in tandem with a rise in inflows to major exchange BINANCE, with order book data showing a new wall of resistance being built at $50,000.

      The behavior points to a large-volume investor shaping market bias, and Binance was already the source of suspicion over such activity in recent days.

      “This looks LIKE a new player,” data analysis account Material Scientist noted in comments on Binance's rapidly-changing order book setup.

      Overall, exchange balances have crept up 60,000 BTC beginning DEC. 22, from 1.69 million to 1.75 million BTC, data from on-CHAIN monitoring resource Coinglass shows.

    ETHereum preserves $4,000 defense zone

      In some mild relief for altcoin traders, most large-cap tokens remained relatively unscathed after Bitcoin's latest dip.

      Related: TOP crypto winners and losers of 2021

      Ether (ETH) was still above $4,000 at the time of writing.

      Others in the top TEN cryptocurrencies by market cap either kept losses below 1.5% or saw flat performance.

      For ETH/USD, popular trader Pentoshi highlighted $3,940-$4,000 as a “KEY” area for bulls to defend going forward.

      “Currently long. Would like to see a PUSH up and some momentum off this rounded bottom. Looking to sell 4.4-4.5k,” he added.