- Bitcoin breached the $26,000 support threshold amid downward pressure this week.
- CoinShares data shows split sentiment among institutional investors towards Bitcoin.
- Bitcoin’s current value is $25,765, marking a 0.74% decrease.
Bitcoin
Recent data from CoinShares indicates a split sentiment among institutional investors towards the cryptocurrency market, as evidenced by moderate inflows and outflows over the past week. This is a positive sign for the long-term sustainability of Bitcoin, suggesting a transition towards more consistent and professional investment practices.
In the last 24 hours, Bitcoin has been experiencing a bearish trend, with its value lingering under the $26,000 threshold. The majority of altcoins mirror this downtrend. Precisely seven days ago, Bitcoin saw a substantial uptick in its price, marking the most significant increase in recent months. This surge was primarily triggered by Grayscale’s legal triumph over the SEC in a US court, which propelled the cryptocurrency’s value close to $28,000.
Is a Continued Decrease Expected?
Following the SEC’s decision to postpone judgment on all outstanding spot Bitcoin ETF applications, the initial enthusiasm quickly faded. Bitcoin experienced a $ 1,000 decline the following day, with a further decrease of $ 1,500 the day after.
As of the latest update, Bitcoin is currently valued at $25,765, marking a 0.74% decrease over the past 24 hours, according to data from CoinMarketCap. Additionally, BTC’s trading volume has significantly increased by 12.56%.
The current price is stabilizing approximately at the $25,820 mark. We could anticipate a further downward trend if the price successfully breaches the critical support level of $25,150. The subsequent support level to watch would be $22,430. Conversely, if the price can surpass the significant resistance level of $26,000, we could expect a new surge towards the $27,000 mark.
