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- The price is maintaining a downward trajectory that commenced when it encountered resistance at $27,420.
- A brief recovery has lifted prices above the $26,200 threshold.
The recent declaration by Citibank to implement blockchain technology for institutional deposits, which can be converted into “Citibank tokens” for continuous cross-border transactions, represents a significant advancement in the financial sector.
Investor and author Robert Kiyosaki tweeted that Citibank’s latest involvement could signify a pivotal moment for Bitcoin and the USD. On September 18th, Citi announced that its Treasury and Trade Solutions (TTS) division will initiate trials of Citi Token Services, a new initiative that will utilize blockchain and smart contract technology.
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Struggle Continues
As of this writing, Bitcoin is priced at $26,273, reflecting a 0.42% increase over the past 24 hours according to data from CMC. Additionally, the trading volume has decreased by 2.88%. The Bitcoin price is persisting in a downward trend that started when it faced resistance at $27,420. The price found support at the $26,000 level yesterday, after recently breaching the $26,430 support level.
Source: CoinMarketCap
Recently, a slight recovery has enabled prices to rise above the $26,200 level. Should the price succeed in surpassing the $26,700 resistance level, it may likely ascend towards the $27,450 mark. Furthermore, if the bulls manage to push the price above this resistance level, it could potentially test the $28,000 level.
Nonetheless, there are several impending resistance levels and diminishing support levels, indicating that the current price dynamics of Bitcoin are unfavorable. If the price falls below the $26,000 support level, it may likely trend towards the $25,450 mark. Should the cryptocurrency continue to decline, it might potentially reach the $25,000 level, establishing a new short-term low.
