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Bitcoin’s price struggles amid looming bearish sentiment

Ian Pittman by Ian Pittman
2 years ago
Bitcoin's price struggles amid looming bearish sentiment
  • Binance has seen Bitcoin inflows valued at over $300 million recently.
  • Bitcoin’s value struggles to surpass $28,000, currently valued under $27,000.
  • Bitcoin’s short-term price trajectory remains uncertain due to ETF appeal.

According to Glassnode, Binance has seen an influx of Bitcoin valued at more than $300 million in the past two days. This surge was marked by two significant inflows: over $200 million on October 11 and $120 million on October 12. Most of these transactions fall within the $1 million to $10 million bracket, suggesting the participation of ‘whales’ or high-volume investors.

The value of Bitcoin has ceased its sharp fall, yet it continues to face challenges and is currently valued under $27,000. Similarly, alternative cryptocurrencies are also grappling with recent significant price reductions. Bitcoin’s price demonstrated positive momentum at the beginning of the month, but its recent inability to surpass the $28,000 mark has negatively influenced subsequent price trends.

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Expecting Substantial Market Volatility

The cryptocurrency sector has recently reacted to the Consumer Price Index (CPI) data released yesterday, resulting in a 3% decline in BTC value. Concurrently, the short-term price trajectory of Bitcoin remains uncertain as market participants anticipate the Securities and Exchange Commission’s decision on the ETF appeal.

Bitcoin's price struggles amid looming bearish sentiment
Source: CoinMarketCap

According to CMC data, BTC is currently valued at $26,770, experiencing a 0.26% increase in the past 24 hours. However, there has been a 26.46% decrease in trading volume. The price has encountered significant sell-off pressure following its inability to surpass the $28,000 threshold.

Should the price fall below the support level of $26,650, it will probably approach the $26,000 mark. A continued decrease could result in the price testing the crucial support area of $25,200. Conversely, if the bulls push the price above the $27,400 level, a new surge towards $28,000 could be expected.

Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.

Tags: BinanceBitcoinBTCETF
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Ian Pittman

Ian Pittman

A professional reporter, an inquisitive and innovative individual who poses inquiries that others may shy away from. He is keenly interested in the metaverse, technological advancements, and NFTs.

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Bitcoin (BTC)
2.17%
$ 111,086.00
$ 2,410.57
⇣ 108,462.00
9 Jul
⇡ 111,086.00
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