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- The price has encountered significant selling pressure after failing to surpass the $28,000 threshold.
- If the price falls below $26,650, it is likely to move towards the $26,000 level.
According to Glassnode, Binance has received Bitcoin valued at over $300 million in the last two days. This surge was marked by two significant inflows: more than $200 million was deposited into the exchange on October 11, followed by an additional $120 million on October 12. Most of these transactions fall within the $1 million to $10 million range, suggesting the participation of ‘whales’ or large investors.
Bitcoin’s price has paused its sharp decline, yet it continues to struggle, remaining below $27,000. Altcoins are also facing challenges, with recent price declines severely impacting many of them. BTC showed some momentum at the beginning of the month, but its recent inability to break through $28,000 has served as a negative influence on subsequent price movements.
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High Volatility Expected
Recent reactions within the crypto sector were triggered by the Consumer Price Index (CPI) data released yesterday, resulting in a 3% drop for BTC. Meanwhile, the direction of Bitcoin’s short-term price trend remains uncertain as investors await the SEC’s decision regarding the ETF appeal.
Source: CoinMarketCap
As of this writing, BTC is trading at $26,770, reflecting a 0.26% increase in the past 24 hours according to CMC data. Additionally, the trading volume has decreased by 26.46%. The price has been under considerable selling pressure after failing to exceed the $28,000 level.
If the price drops below the $26,650 support level, it is likely to approach the $26,000 mark. A further decline may see the price testing the key support area at $25,200. Conversely, if the bulls manage to push the price above the $27,400 level, a new rally towards $28,000 could be anticipated.
