Bitcoin (BTC) tested $35,000 support at the daily close on Nov. 14 as sell-side pressure caused multi-day lows.

BTC/USD 1-hour chart. Source: TradingView

BTC price loses $1,000 in one hour

Data from Cointelegraph Markets Pro and TradingView tracked a rapid pullback in BTC price action, which fell over $1,000 in a single hourly candle.

The largest cryptocurrency found support at the $35,000 mark, forming a springboard to recover to around $35,600 at press time.

The volatility came hours after what initially seemed like positive news for Bitcoin and cryptocurrencies, with US inflation slowing beyond expectations.

At the same time, however, analysts noted that beyond small retail investors, there was little appetite to buy BTC at previous levels, around 18-month highs.

“On November 3, Bitcoin whales started booking profits as the price of $BTC rose from $35,000 to almost $38,000,” noted one such take by popular social media commentator Ali.

“More than 15 wallets with more than 1000 BTC sold or redistributed their holdings.”

An accompanying chart from on-chain analytics firm Glassnode showed that the whale wallet cohort is now at its lowest number in about a month.

Bitcoin wallets with a balance of 1000 BTC or more. Source: Glassnode

Meanwhile, uploading prints of Binance’s BTC/USDT order book to Bitcoin.

“It seems like the market liked the core inflation report, but don’t let that fool you into thinking ‘just going up’ will be sustainable,” part of the above comment. read.

“There are no straight lines. The market is testing your patience and conviction.”

A subsequent release showed supply support approaching the spot price ($33,000 to $34,500) while whales were selling off.

Long-term settlements hit highest level in months

The traders themselves seemed unaware of the BTC price reversal.

Related: $48,000 is now “reasonable” BTC price target – Filbfilb by DecenTrader

Data from on-chain monitoring resource CoinGlass showed the highest volume of daily BTC long liquidations in several months.

These totaled $120 million by November 14, roughly equal to the BTC short liquidations, which accompanied Bitcoin’s rise to $38,000 last week.

Longs between cryptocurrencies were liquidated to the tune of almost $300 million.

Cryptocurrency settlement chart (screenshot). Source: CoinGlass

This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should conduct their own research when making a decision.