Bitcoin Price Returns To $16K Amid Warning Over BTC Whale Selling Bitcoin Price Analysis podcast

Bitcoin price returns to $16K amid warning over BTC whale selling

1+ y ago 0:03

Archived series ("Inactive feed" status)

When? This feed was archived on January 24, 2023 13:33 (1y ago). Last successful fetch was on November 22, 2022 19:05 (1+ y ago)

Why? Inactive feed status. Our servers were unable to retrieve a valid podcast feed for a sustained period.

What now? You might be able to find a more up-to-date version using the search function. This series will no longer be checked for updates. If you believe this to be in error, please check if the publisher's feed link below is valid and contact support to request the feed be restored or if you have any other concerns about this.

Content provided by Zonk. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Zonk or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it recrossed the $16,000 mark, having set lows of $15,480 on Bitstamp.

Momentum took the pair to $16,189 before consolidating, marking gains of 3.7% versus the day’s lows.

Talk among analysts remained tied to the Digital Currency Group family, including Grayscale, currently at the center of rumors over the fallout from the defunct exchange FTX.

For monitoring resource Material Indicators, a “guard rail” bid at $12,000 could ultimately be what protected the market should a major capitulation occur over the Thanksgiving holiday period.

“Over $300M in BTC bid liquidity between here and $12k,” it commented on a post by CryptoQuant contributor Maartunn.

Maartunn had uploaded a heatmap of the Binance order book, showing various active buy and sell levels.

As Cointelegraph reported, meanwhile, downside targets for BTC/USD mostly focused on $14,000 or under as the week began.

BTC hodlers feel the pressure

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

In its latest weekly “The Week On-Chain” newsletter, analytics firm Glassnode warned that “non-trivial spending” from old hands was on the increase.

“Their supply has declined by 84,560 BTC post-FTX, which remains one of the most significant declines in the last year,” it noted, adding that the decline was “still underway.”

Likewise, the largest BTC investors, whales, were also net distributing coins to the market, this coming despite previous data showing that certain entities had already begun buying the dip.

“The Whale cohort are in a mode of net distribution at present, sending between 5k and 7k in excess BTC into exchanges,” Glassnode added.

One episode