Bitcoin (BTC) lost $50,000 for the first time in several days on Dec. 26 as exchange inflows caught up with the cautiously optimistic mood.
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.
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.
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