After reaching a record level of $ 122,920 on Monday, the price of Bitcoin (BTC) stabilized, which indicates a slowdown in market activity.
We figure out what is happening in the Bitcoin market (BTC) and what to expect from the price of cryptocurrency.
Why is bitcoin no longer growing
In the last week, US traders began to show much less activity in the Bitcoin market. According to Cryptoquant, the Coinbase Premium (CPI) index for BTC decreased all week, indicating a reduction in interest in purchases. Yesterday he reached a seven -day minimum -0.017.
The reduced activity of investors can cause protracted BTC price consolidation after the record maximum of value (ATH).
In addition, the cooling of moods was reflected in a decrease in the influx in spot exchange funds (ETF) based on bitcoin. From Monday, capital tributaries are significantly reduced. So far, they are held in a positive zone, but the activity of the institutions is still noticeably reduced.
Support $ 118,000 or resistance $ 122,000
These trends show that the wave of active purchases observed during the recent BTC rally can weaken. If this continues, the BTC will threaten the rollback to $ 118 851.
If investors from the United States become more optimistic and begin to buy coins more actively, the price of BTC can go up again and reach its historical maximum.
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Source: Cryptocurrency
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