Bitcoin (BTC) tested support at $35,000 by the close on November 14 as seller pressure triggered multi-day lows.
BTC price drops $1,000 in one hour
Data comes from Cointelegraph Markets Pro and trading view Tracking the rapid pullback in BTC price action, the hourly candle dropped over $1,000.
The largest cryptocurrency found support at the $35,000 mark, forming a springboard back to around $35,600 at the time of publication.
The move came hours after bullish news for Bitcoin and cryptocurrencies, with U.S. inflation slowing more than expected.
But at the same time, analysts noted that there was little interest outside of smaller retail investors to buy BTC at previous levels near the 18-month high.
Bitcoin USD
Spot buying again, long liquidation and deleveragingOverall though would still like to see more backwardation
Backwardness and spot-driven uptrends are what you want to see pic.twitter.com/VoXrWQDGMc
— Skew Δ (@52kskew) November 14, 2023
“On November 3, as the price of BTC rose from $35,000 to nearly $38,000, Bitcoin whales began to take profits,” noted Ali, a popular social media commentator.
“More than 15 wallets with over 1,000 BTC have sold or reallocated their holdings.”
Accompanying chart from On-Chain Analytics glass node It shows that the number of whale wallets is currently at its lowest level in about a month.
A printout of the Binance BTC/USDT order book was uploaded to X (formerly Twitter) following the release of the inflation data, while monitoring resource Material Indicators reiterated the need to anticipate periods of downside within the broader Bitcoin uptrend.
“The market seems to like the core inflation report, but don’t let it fool you into thinking ‘up only’ will be sustainable,” part of previous comments read.
“There is no straight line. The market is testing your patience and faith.”
Subsequent posts showed bid support edging closer to the spot price – from $33,000 to $34,500 – while whales sold off.
#FireCharts Show all order categories on sale #BTC As the price falls below the $35,500 range.
Meanwhile, about $9 million #BTC Bidding liquidity just increased from $33,000 to $34,500. pic.twitter.com/DIfayNHYC7
— Material Indicators (@MI_Algos) November 14, 2023
Long liquidation hits highest level in months
Traders themselves seemed unaware of the Bitcoin price reversal.
Related: $48,000 Is Now a ‘Reasonable’ BTC Price Target — DecenTrader’s Filbfilb
Monitor resource data on the chain coin glass Showing the highest level of daily long BTC liquidations in months.
The total amount on November 14 was $120 million, roughly equivalent to the liquidation of Bitcoin shorts, which saw the price surge to $38,000 last week.
Nearly $300 million was liquidated across cryptocurrency longs.
This article does not contain investment advice or recommendations. Every investment and trading activity involves risks, and readers should do their own research when making decisions.
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