Bitcoin (BTC) tested $35,000 support at the daily close on Nov. 14 as selling pressure triggered multi-day lows.
BTC Price Loses $1,000 in One Hour
Data from Cointelegraph Markets Pro and TradingView tracked a rapid pullback in BTC price action, which dropped more than $1,000 in a single hourly candle.
The largest cryptocurrency found support at the $35,000 mark, forming a base to recover to around $35,600 at press time.
The volatility came hours after what initially appeared to be a positive event for Bitcoin and cryptocurrencies, with US inflation slowing beyond expectations.
At the same time, however, analysts noted that beyond smaller retail investors, there was little appetite to buy BTC at previous levels near 18-month highs.
“On November 3rd, Bitcoin whales started taking profits as the price of $BTC rose from $35,000 to almost $38,000,” said a popular comment on Ali’s social media.
“More than 15 wallets with more than 1,000 BTC have sold or redistributed their holdings.”
An accompanying chart from on-chain analytics firm Glassnode showed that the group of whale wallets is now at its lowest number in about a month.
Following the release of the inflation data, when loading printouts of the Binance BTC/USDT order book on X (formerly Twitter), the Material Indicators monitoring resource reiterated the need to expect periods of decline within a broader uptrend of the Bitcoin.
“The market seemed to like the Core Inflation Report, but don’t be fooled into thinking that ‘infinite upside’ will be sustainable,” read part of the previous comments https://twitter.com/MI_Algos/status/1724444824793723360.
“There are no straight lines. The market is testing your patience and conviction.”
A subsequent post showed bid support moving closer to the spot price — from $33,000 to $34,500 — as whales sold.
Long sales reach the highest level in months
Traders appeared to be caught off guard by the BTC price reversal.
Data from on-chain monitoring resource CoinGlass showed the highest volume of daily BTC long liquidations in several months.
These totaled $120 million on Nov. 14, roughly equal to the BTC short liquidations that accompanied Bitcoin’s peak to $38,000 last week.
Cross-cryptocurrency long settlements totaled nearly $300 million.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.