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.

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.

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.