Bitcoin Retreats to $35K USD as Whales Execute Significant Sell-Off

Bitcoin plummeted by $1,000 to just over $35,000 in just one hour as a cascade of liquidations greeted late Bitcoin long positions. This has left investors extremely concerned.

Bitcoin Retreats To $35k Usd As Whales Execute Significant Sell Off_65d5cc9e28c59.webp

Bitcoin’s price witnessed a sharp decline, plummeting by $1,000 within a single hour, as a cascade of liquidations targeted late Bitcoin long positions. On November 14, the cryptocurrency tested the $35,000 support level at the daily close, succumbing to sell-side pressure and hitting multi-day lows.

Market data from TradingView reflected the rapid retreat in BTC price, with a swift drop of over $1,000 in a single hourly candle. Despite the downturn, the largest cryptocurrency managed to find support at the $35,000 mark, acting as a springboard for recovery to approximately $35,600 at the time of reporting.

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Interestingly, the market volatility followed what initially seemed to be positive news for Bitcoin and the crypto sector, as United States inflation slowed beyond expectations. However, analysts observed a lack of interest in purchasing BTC at previous levels, particularly among larger investors, despite the coin reaching 18-month highs.

Social media commentator Ali pointed out a significant development, noting that Bitcoin whales had begun booking profits on November 3, when BTC’s price surged from $35,000 to nearly $38,000. More than 15 wallets holding over 1,000 BTC each either sold or redistributed their holdings, as indicated by an accompanying chart from on-chain analytics firm Glassnode, revealing that the number of whale wallets had reached its lowest point in about a month.

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Following the inflation data, Material Indicators, a monitoring resource, emphasized the importance of anticipating downside movements within the broader Bitcoin uptrend. Despite a positive reaction to the Core Inflation Report, the commentary cautioned against expecting an uninterrupted “up only” trajectory, emphasizing the market’s tendency to test patience and conviction.

Related: BlackRock’s Insights on the Risks Associated with Spot Bitcoin ETFs

A subsequent update from Material Indicators showed bid support shifting closer to the spot price, ranging from $33,000 to $34,500, while whales continued to offload their holdings. Interestingly, traders appeared to be caught off guard by the reversal, with on-chain monitoring resource CoinGlass reporting the highest volume of daily long BTC liquidations in several months, totaling $120 million on November 14.

This figure was nearly equivalent to the short BTC liquidations accompanying last week’s spike to $38,000. Additionally, cross-crypto longs faced liquidations amounting to almost $300 million.

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