BTC price bounces at 1-week lows as Bitcoin whales sell into $35K
Bitcoin ( BTC ) tested $35,000 support into the Nov. 14 daily close as sell-side pressure sparked multiday lows.
![BTC price bounces at 1-week lows as Bitcoin whales sell into $35K image 0](https://img.bgstatic.com/multiLang/image/99aba0b5180f92a2045cf6304163ab941700037012501.png)
BTC price sheds $1,000 in an hour
Data from Cointelegraph markets Pro and TradingView tracked a swift retreat for BTC price action, which fell over $1,000 in a single hourly candle.
The largest cryptocurrency found support at the $35,000 mark, forming a springboard to recover to around $35,600 at publication.
The volatility came hours after what at first looked like a positive news event for Bitcoin and crypto, with United States inflation slowing beyond expectations .
At the same time, however, analysts noted that beyond smaller retail investors, there was little appetite for buying BTC at prior levels around 18-month highs .
$BTC
— Skew Δ (@52kskew) November 14, 2023
once again spot buying on long liquidations deleveraging
overall though still want to see more of a spot premium
spot premium spot driven uptrend is what you want to see pic.twitter.com/VoXrWQDGMc
“On November 3, Bitcoin whales started booking profits as the $BTC price rose from $35,000 to nearly $38,000,” one such take from popular social media commentator Ali noted.
“More than 15 wallets with over 1,000 BTC sold or redistributed their holdings.”
An accompanying chart from on-chain analytics firm Glassnode showed that the cohort of whale wallets is now at its lowest number in around one month.
![BTC price bounces at 1-week lows as Bitcoin whales sell into $35K image 1](https://img.bgstatic.com/multiLang/image/d4ec4f6a4c133742a13d6f8f566bab0f1700037014338.png)
Uploading prints of the Binance BTCUSDT">BTC/USDT order book to X (formerly Twitter) following the inflation data, meanwhile, monitoring resource Material Indicators reiterated the need to expect periods of downside within a broader Bitcoin uptrend.
“Market seemed to like the Core Inflation Report, but don’t let that fool you into thinking ‘up only’ will be sustainable,” part of the previous commentary read .
“There are no straight lines. The market is testing your patience and conviction.”
A subsequent post showed bid support moving closer to spot price — from $33,000 to $34,500 — while whales sold off.
#FireCharts shows all order classes selling #BTC as price breaks below the $35.5k range.
— Material Indicators (@MI_Algos) November 14, 2023
Meanwhile ~$9M in #BTC bid liquidity has just moved up from $33k to $34.5k. pic.twitter.com/DIfayNHYC7
Long liquidations hit highest in months
Traders themselves appeared to be caught unaware by the BTC price reversal.
Related: $48K is now ‘reasonable’ BTC price target — DecenTrader’s Filbfilb
Data from on-chain monitoring resource CoinGlass showed the highest volume of daily long BTC liquidations in several months.
These totaled $120 million for Nov. 14, roughly equal to the short BTC liquidations, which accompanied Bitcoin’s spike to $38,000 last week.
Cross-crypto longs were liquidated to the tune of nearly $300 million.
![BTC price bounces at 1-week lows as Bitcoin whales sell into $35K image 2](https://img.bgstatic.com/multiLang/image/2db6e26c4f2462abc8b6f1567bac7e0e1700037015931.png)
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