Bitcoin (BTC) headed higher at the Nov. 22 Wall Street open after setting another two-year low.
The Thanksgiving Buywall appears at $12,000
Momentum took the pair to $16,189 before consolidation, marking a 3.7% gain from today’s lows.
The discussion among analysts remained connected to the Digital Currency Group (DCG) family, including Grayscale, which is currently at the center of rumors about the impact of the defunct FTX exchange.
For monitoring material indicator sources, the $12,000 “guard rail” bid could ultimately be what protects the market should there be a big capitulation during the Thanksgiving holiday.
“Over $300 million in BTC bid liquidity between here and $12k,” commented the CryptoQuant post contributor Maartunn.
“This new $70 million shopping wall could be a guardrail for the holiday week, it could be related to speculation about the grayscale announcement or something else. Regardless, we’re always on the lookout for new thick shopping walls.”
Maartunn uploaded a heat map of the Binance order book, showing the various active buy and sell levels.
Like Cointelegraph reportedmeanwhile, BTC/USD was mostly headed lower at or below $14,000 at the start of the week.
BTC hodlers are feeling the pressure
Another growing concern centered on long-term holders (LTH) of Bitcoin.
In his latest weekly newsletter, “The Week On-Chain“, analyst firm Glassnode warned that “non-trivial spending” by old hands is on the rise.
“Their supply decreased by 84,560 BTC after FTX, which remains one of the most significant declines in the last year,” he noted, adding that the decline is “still ongoing.”
Likewise, BTC’s biggest investors, the whales, have also been distributing coins to the market despite this showing previous data that certain entities have already started buying dip.
“The Whale cohort is currently in net distribution mode, sending an additional 5,000-7,000 BTC to exchanges,” Glassnode added.
“Meanwhile, coin leakage from exchanges by almost all cohorts is at an all-time high. The vitriolic impact of the FTX collapse is still being felt and it remains to be seen how widespread the shocks to investor confidence have been.”
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