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.
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
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.
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.
Uploading prints of the Binance 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.
A subsequent post showed bid support moving closer to spot price — from $33,000 to $34,500 — while whales sold off.
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