Bitcoin price snaps back to $16,000 amid BTC whale selloff warning

Bitcoin's modest recovery from two-year lows comes as major BTC price support emerges at $12,000. Market Update

Bitcoin (BTC) headed for the open on Wall Street on November 22 after hitting a new two-year low.

BTC/USD 1 hour candle chart ( Bitstamp). Source: TradingView

Thanksgiving Buy Wall Appears at $12,000

Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD as it moved back through $16,000, after hitting a low of $15,480 on Bitstamp.

Momentum took the pair to $16,189 before consolidating, marking gains of 3.7% from the day's lows.

Discussions among analysts remained tied to the Digital Currency Group (DCG) family, including Grayscale, currently at the center of rumors about the fallout from the defunct FTX exchange.

To watch the material resource indicators, a $12,000 "safeguard" bid may ultimately be what protects the market in the event of a major sellout over the Thanksgiving holiday season.

“Over $300 million in BTC supply liquidity between here and $12,000,” he commented on a post by CryptoQuant contributor Maartunn.

“This new $70 million buy wall could be a lifeline for the holiday week, it could be related to speculation about a grayscale announcement or something else. either, we always keep an eye out for new grease buy walls."

BTC/USD Order Book Data ( Binance). Source: Maartunn/Twitter

Maartunn uploaded a heatmap of the Binance order book, showing different levels of active buying and selling.

As Cointelegraph reported, meanwhile, downside targets for BTC/USD mainly focus...