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The value of the flagship cryptoasset fell below the $ 50,000 mark again today. Analysts believe that the Bitcoin exchange rate could have been affected by a previously unknown whale from the Binance cryptocurrency trading platform… At the time of writing BTC price hovers around $ 49,841 with a market capitalization of $ 942,574,666,667. According to the online tracker CoinGecko, over the past 24 hours the rate has fallen by -2.5%. Wherein weekly growth is 6.1%.
TradingView technical analysis service shows that on the exchange Binance has experienced a significant inflow of funds… Also, according to the charts, the volatility of BTC / USD increased strongly on Saturday. Before the pullback, the pair reached a level above $ 51,000, but then Bitcoin fell below $ 50,000.
Bitcoin price movement chart. A source: TradingView
The inflow of funds on the Binance trading platform happened at the same time. The data in the order book shows that the future resistance level for the flagship asset rate will be at $ 50,000.
Binance order book chart. A source: Material Indicators
Many analysts point out that now there is high activity on the Binance exchange… They speculate that this may be the result of the activities of a previously unknown major coin holder. Along with the new whale, a large number of investors interested in the asset also have an impact on the Bitcoin price.… Exchange balances have grown by 60,000 BTC since December 22, according to cryptocurrency futures trading platform and information service Coinglass. Back in the middle of the week, they amounted to 1.69 million coins, now their number has grown to 1.75 million BTC.
Bitcoin balance chart on the Binance exchange. A source: Coinglass
How altcoins reacted to the depreciation Bitcoin below $ 50,000?
For the price of alcoins, the fall of the largest cryptocurrency has not had a significant impact at the moment. Second by market capitalization Ethereum coin is still trading above $ 4,000… At the time of this writing, the ETH rate is at $ 4,046 with a market cap of $ 480,842,290,485. Popular trader Pentoshi notes that for ETH, the $ 3940-4000 level will be the “key” area to protect bulls in the future.
Other assets that are among the ten largest were also not affected.… Viola price movement charts are colored green. Over the past day, the XRP token lost the most value, -1.6%. Now its rate is $ 0.918964 with a market capitalization of $ 43 648 490 340.
Prices of the 10 largest altcoins. A source: CoinGecko