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 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.

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.

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.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
ZA Miner Introduces Free Cloud Mining Platform for Bitcoin and Dogecoin
ZA Miner, a UK-based cloud mining provider, has officially launched a new platform to make cryptocurrency mining more accessible to a broader audience.

OSC Warns of Surge in AI-Driven Crypto Scams as Canadian Fraud Losses Climb to $640 Million
According to the Globe and Mail report, the Ontario Securities Commission (OSC) is raising red flags over a sharp rise in cryptocurrency fraud across Canada, as scammers now weaponize artificial intelligence to swindle unsuspecting investors.

Arkansas City Planning Commission Rejects Crypto Mining Proposal Amid Strong Community Backlash
The Vilonia Planning Commission has unanimously turned down a proposed cryptocurrency mining facility within city limits, following weeks of vocal opposition from residents.

Bitcoin Climbs to $94,000 Driving Market Above $3 Trillion

Trending news
MoreCrypto prices
More








