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- At the moment, Bitcoin is priced at $26,788, reflecting a decrease of 1.57% over the past 24 hours.
- Should the price surpass the recent peak of $27,210, it is likely to approach $27,430.
The value of Bitcoin has experienced a minor correction recently following a notable surge to the $27,200 level. Consequently, there is considerable uncertainty within the cryptocurrency market. Additionally, the SEC has recently delayed a decision regarding a Spot Bitcoin exchange-traded fund (ETF) application submitted by Blackrock, a prominent asset management firm.
Nonetheless, Bitcoin’s on-chain metrics have recently indicated a favorable trend, hinting at a potential upward movement in the near term. Santiment, a firm specializing in on-chain analytics, notes that significant Bitcoin holders are currently in an accumulation phase. The “Supply Distribution,” which monitors the total amount of a particular asset held by different groups of holders, is the key metric in this context. Due to recent accumulation by Bitcoin whales and sharks, the overall supply of Bitcoin has reached a new yearly high of 13.03 million BTC.
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High Volatility Anticipated
After briefly surpassing the $27,000 threshold, Bitcoin has declined in the last few hours and is currently trading around the $26,700 mark. At the moment, Bitcoin is priced at $26,788, down 1.57% in the last 24 hours according to data from CMC. Furthermore, trading volume has decreased by 12.24%.
Source: CoinMarketCap
If the price successfully exceeds the recent high of $27,210, it is likely to test the $27,430 resistance level. Should bulls maintain their momentum and breach this level, the price may then approach the $30,500 mark.
<pConversely, if bears push the price below the $26,120 support level, it may decline to the $25,460 level. Any further drop could lead to a test of the critical $25,000 support level.
