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Bitcoin Runs Into $50K Resistance as Sellers Step In on Binance, Coinbase
Bitcoin approached the $50,000 level Monday for the first time in more than two years, but selling pressure on exchanges stalled the advance.
Updated Mar 8, 2024, 9:23 p.m. Published Feb 12, 2024, 4:51 p.m.
- Bitcoin approached $50,000 on Monday, but failed to break through that level, according to CoinDesk Indices data.
- Sell orders placed on Binance and Coinbase indicate profit-taking.
Bitcoin extended its rally Monday, attempting to break through the $50,000 price level for the first time in more than two years, but selling pressure on crypto exchanges capped prices.
Spot bitcoin exchange-traded funds (ETF) saw large trading volumes at the U.S. market open as the bitcoin price increased rapidly to just shy of $50,000 from $48,000. The CD20 Index of the largest cryptocurrencies has added 1.72% over 24 hours.
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The ETFs of BlackRock (IBIT) and Fidelity (FBTC), the largest new entrants, booked their strongest opening-hour trading volume since Jan. 22, with share prices rising about 5%, TradingView data shows, perhaps signaling buyers entering the market after the weekend to allocate fresh funds.
However, spot sell orders on crypto exchanges Binance and Coinbase overwhelmed the buy pressure and stalled the uptrend, at least temporarily.
The Binance order book data showed an 800 BTC ($40 million) sell order at $50,000, while Coinbase registered a 330 BTC sell order, Skew noted in an X post, suggesting heavy profit-taking at that level.
$BTC
— Skew Δ (@52kskew) February 12, 2024
$50K sell walls (asks):
Binance Spot ~ 800BTC
Coinbase Spot ~ 330BTC
So far passive spot selling defending $50K supply, so limit spot buying on LTF dips will be important to push higher
Taker bid is required to fill those sizeable spot asks around $50K https://t.co/ah5qyGfJz0
Bitcoin was changing hands at around $49,700 at press time, up 3.4% over the past 24 hours.
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