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.