Ongoing Whale Activity May Push BTC Below $26K: Report

• Bitcoin’s value dropped below $26K in the past 24 hours.
• Blockchain analytics company Santiment predicts further Bitcoin price decline.
• Bitcoin could recover if it exceeds a daily closing price of $26,915.

Over the past 24 hours, Bitcoin , the leading cryptocurrency in the market, experienced a price drop below $26K, per CoinMarketCap data. The digital asset’s value plummeted to a 24-hour low of $25,409.11, following its peak at $28,655.50 within the same period.

The premier digital currency managed to rally slightly, trading above $26K at the time of writing. However, Bitcoin’s price remained 7.44% lower for the day. Despite the overall cryptocurrency market capitalization experiencing a 6.74% drop during the previous trading day, Bitcoin was marginally outpaced by the altcoin market, with its dominance dipping by 0.41%.

In the aftermath of the comprehensive market downturn, blockchain analytics company Santiment has cautioned that the turbulence may not be over yet, with the potential for Bitcoin’s price to decline further in the upcoming days. The company noted a significant surge in large-scale transaction activity, reaching a monthly peak today. The report further highlighted that this activity commenced before the market plunge, indicating a possible continued downward trend for Bitcoin.

In the past 48 hours, BTC has seen a significant drop of more than 7%, leading it to break through both the 9-day and 20-day EMA benchmarks. Furthermore, the digital currency also slipped beneath crucial support levels at $28,295.38 and $26,915 and continues to linger below these pivotal markers as of the latest update.

The validation of the mid-term bearish ascending wedge pattern suggests a possible downward trend shortly. Consequently, we could see a further price dip within 24 to 48 hours. Should this bearish outlook materialize, the leading cryptocurrency’s value could drop to approximately $24,200 in the ensuing days.

Nonetheless, it would effectively nullify the bearish projection if Bitcoin succeeds in securing a daily closing price exceeding $26,915 in the forthcoming 48 hours. In such an event, Bitcoin could kickstart a recuperation phase, possibly aligning with the medium-term bearish trend.

This resurgence could propel the cryptocurrency’s price beyond the $28,295.38 mark. A clear indication of a recovery would be surpassing the 200-day EMA line, currently set at $27,280.91.