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Tuesday, January 18, 2022

Bitcoin Slides $50K: Binance Suspected Of Pushing Down BTC Price

In a first, Bitcoin went down $50,000 on December 26. Data showed volatility affecting BTC/USD this Saturday. The duo peaked at $51,500 before going on a slide. The slip finally stabilized at $50,000.

This slide in Bitcoin comes amidst a parallel increase in inflow to major cryptocurrency exchange Binance. The data for order booked showed a fresh resistance coming up at $50,000.

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The trend indicates that a large size investor is shaping the bias in the market. Binance has come under suspicion over the past few days given its activity.

Data analysts said that everything points to the activity of a fresh player and pointed to the fast-changing setup in Binance’s order book.

The overall exchange balance has gradually crept up to 60,000 Bitcoin starting December 22, going from 1.69M to 1.75M BTC.

Altcoins Remained Relatively Unaffected Despite Dip In Bitcoin

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But there was some relief for traders in altcoin as most of the large-cap cryptocurrencies came out comparatively unscathed despite the dip in Bitcoin.

Among altcoins, Ether (ETH) remains above the $4,000 mark as news last came in. The other top 10 cryptocurrencies by market cap have kept losses less than 1.5% and even managed flat performance.

Pentoshi, the popular trader, has pointed out that for ETH/USD, $3,940 to $4,000 remained a vital area that bulls need to defend to go forward. He added that he would prefer a push-up plus a little momentum. He rounded off by saying that he was eyeing to sell at $4.4K to $4.5K.

Even as BTC climbed above the $50,000 level, analysts said that the market was expecting higher lows for BTC to continue in the upper trend. Some have even said that the bitcoin should be coming in hot with the weekly closure above the $50,000 mark. Bitcoin remains the bull market support band. It needs to regain the $53,000 for that.

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