Bitcoin (BTC) rallied at the November 22 Wall Street opening after hitting a two-year low.
The buy wall appears to be $12,000
Mobility pushed the pair to $16,189 before consolidation, marking 3.7 percent gains against daily lows.
Analysts’ opinions were linked to the Digital Currency Group family, including Grayscale, at the center of the events and rumors about the closing FTX exchange.
According to tracking resource Material Indicators, a $12,000 price could ultimately protect the market if a major capitulation occurs during the Thanksgiving holiday period.
CryptoQuant participant In a post shared by Maartunn, he commented, “The BTC bid liquidity of over $300 million is between the current level and $12,000.”
“This $70 million new buy wall could be related to a firewall for the holiday week, speculation about the Grayscale announcement, or something else. Regardless, we’re always keeping an eye out for new big buy walls.”
Maartunn shared a heatmap of the Binance order book showing various active trading levels.
Meanwhile, as Cointelegraph reported, downside targets for BTC/USD at the start of the week were mostly focused on $14,000 or below.
BTC holders feel the pressure
Other growing concerns focused on long-term holders (LTH) of Bitcoin.
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The analytics company Glassnode has released its latest weekly “The Week On Chain”” warned in the news release that significant spending by LTHs has increased.
“The supply of long-term BTC holders has decreased by 84,560 BTC after the FTX collapse, and this figure remains one of the most significant decreases in the last year, this decrease still continues,” Glassnode said.
On the other hand, the biggest BTC whales were also distributing net money to the market, despite previous data showing that some assets are already starting to buy from the bottom.
“Whales are currently in a net distribution mode and are sending between 5,000 and 7,000 BTC to exchanges,” Glassnode added.
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