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

Bitcoin (BTC) headed higher into the Nov. 22 Wall Street unfastened aft mounting different two-year low.

BTC/USD 1-hour candle illustration (Bitstamp). Source: TradingView

Thanksgiving buywall appears astatine $12,000

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

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

Talk among analysts remained tied to the Digital Currency Group (DCG) family, including Grayscale, presently astatine the halfway of rumors implicit fallout from defunct speech FTX.

For monitoring assets Material Indicators, a “guard rail” bid astatine $12,000 could yet beryllium what protected the marketplace should a large capitulation hap implicit the Thanksgiving vacation period.

“Over $300M successful BTC bid liquidity betwixt present and $12k,” it commented connected a station by CryptoQuant contributor Maartunn.

“This caller $70M bargain partition could beryllium a defender obstruction for the vacation week, it could beryllium related to speculation connected a Grayscale announcement oregon thing else. Regardless, we ever support an oculus connected caller abdominous bargain walls.”

BTC/USD bid publication information (Binance). Source: Maartunn/ Twitter

Maartunn had uploaded a heatmap of the Binance bid book, showing assorted progressive bargain and merchantability levels.

As Cointelegraph reported, meanwhile, downside targets for BTC/USD mostly focused connected $14,000 oregon nether arsenic the week began.

BTC hodlers consciousness the pressure

Other increasing concerns centered connected semipermanent holders (LTHs) of Bitcoin.

Related: Cathie Wood’s ARK Invest adds much Bitcoin vulnerability arsenic GBTC, Coinbase banal deed caller lows

In its latest play newsletter, “The Week On-Chain,” analytics steadfast Glassnode warned that “non-trivial spending” from aged hands was connected the increase.

“Their proviso has declined by 84,560 BTC post-FTX, which remains 1 of the astir important declines successful the past year,” it noted, adding that the diminution was “still underway.”

Likewise, the largest BTC investors, whales, were besides nett distributing coins to the market, this coming contempt previous information showing that definite entities had already begun buying the dip.

“The Whale cohort are successful a mode of nett organisation astatine present, sending betwixt 5k and 7k successful excess BTC into exchanges,” Glassnode added.

“Meanwhile, the formation of coins disconnected exchanges by astir each cohorts is astatine an all-time high. The whirlwind interaction of the FTX illness continues to play out, and it remains to beryllium seen conscionable however extended the shake-up to capitalist assurance has been.”

BTC proviso held by LTHs annotated illustration (screenshot). Source: Glassnode

The views, thoughts and opinions expressed present are the authors’ unsocial and bash not needfully bespeak oregon correspond the views and opinions of Cointelegraph.