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Thursday, December 7, 2023

Bitcoin Price Continues to Struggle as Bearish Sentiment Looms

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Bitcoin Price Continues to Struggle as Bearish Sentiment Looms

  • The price has been facing severe selling pressure after failing to go past the $28,000 area.
  • If the price breaks below $26,650, then it will likely head towards the $26,000 mark.

Glassnode reports that over the previous two days, Binance has received Bitcoin worth over $300 million. There were two major inflows marking this surge: over $200 million went to the exchange on October 11, and another of $120 million on October 12. The majority of these transactions are in the $1 million to $10 million range, indicating the involvement of ‘whales’ or large-scale investors.

Bitcoin’s price has halted its precipitous decline, but it is still struggling and is hovering below $27,000. The altcoins are likewise struggling with the recent price drops being quite harsh on most of them. BTC price showed momentum at the start of the month, but its recent failure to break beyond $28,000 has acted as a negative stimulus for subsequent price moves.

High Volatility Expected

Recent responses in the crypto industry have been sparked by the Consumer Price Index (CPI) statistics yesterday, leading BTC to drop by 3%. In the meanwhile, the fate of Bitcoin’s short-term price trend hangs in the balance as investors await the SEC’s evaluation on the ETF appeal.

Source: CoinMarketCap

At the time of writing, BTC is trading at $26,770, up 0.26% in the last 24 hours as per data from CMC. Moreover, the trading volume is down 26.46%. The price has been facing severe selling pressure after failing to go past the $28,000 mark.

If the price breaks below $26,650 support level, then it will likely head towards the $26,000 mark. Further decline will likely see price testing $25,200 key support area. If the bulls can drive the price above $27,400 level then a fresh rally towards $28,000 is on the cards.

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