Saturday, February 27, 2021
pool-ads
Home Latest News Bitcoin Bitcoin Keeps Failing Near $24,000

Bitcoin Keeps Failing Near $24,000

The price of Bitcoin struggled to clear the hurdle of USD 24,000 and dropped above USD 1,000.

Over the past week, Bitcoin has been consolidating, seeing some turbulent market activity that has led it to range between $22,000 and $24,200 highs. The sale pressure seen here was very substantial. That said, bulls have quickly absorbed any rejection and subsequent downturn, signaling that there is a strong probability that more upside is imminent.

Bitcoin values began a fresh downturn following yet another loss near the USD 24,000 resistance. BTC broke the funding rate of USD 23,500 and USD 23,200. It also spiked below 23,000 USD and traded close to 22,600 USD. The price is consolidating losses at the moment, with immediate resistance close to USD 23,200.

On the upside, the first significant resistance is around the USD 23,500 mark. The first big support, on the downside, is near the USD 22,500 level. The next big support is close to the level of USD 22,250, below which there is a chance of a greater fall towards the levels of USD 21,500 and USD 21,200.

One on-chain observer also states that Coinbase’s transactional activity points to institutional market interest, including what seems to be a recent 12,006 BTC transaction sent to separate cold wallets linked to OTC.The sheer degree of institutional interest in the industry at the moment is one aspect that could benefit Bitcoin in the near-term. When talking about this, the CEO of analytics platform CryptoQuant said that he is closely monitoring the flow of transactions from Coinbase to OTC-related wallets.

Subscribe to our newsletter

To be updated with all the latest news, offers and special announcements.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -
magazine-ads

Must Read

Bitcoin Hits ATH, Ethereum Corrects Lower

0
The price of Bitcoin kept rising and continued its surge above USD 58,000. Before beginning a downside correction, BTC also traded to another all-time...