Bitcoin Price Drops Below $25,500 as Volatility Returns

1:35 pm (16 days ago)

September 6, 2023

The leading cryptocurrency Bitcoin (BTC) briefly dropped below the $25,500 price level last week. Despite testing the $26,000 level multiple times since the beginning of the week, BTC has been consolidating between $25,500 and $26,000 in recent days.

Bitcoin Falls to Critical Price Levels

Last Tuesday, Bitcoin (BTC), the leading cryptocurrency, experienced a strong rally and surpassed the $28,000 price level. However, it quickly started to decline after surpassing $28,000 and dropped to around $25,400. Although BTC briefly recovered to the $25,700 level, it has yet to surpass $26,000.

Volatility in the cryptocurrency market has also been decreasing since the beginning of the week. According to Coinglass data, approximately $35 million worth of short and long positions were liquidated in the past 24 hours.

On the other hand, digital asset manager CoinShares reported in its recent report that BTC-focused investment products outperformed many other digital asset investment products. The report stated that while a total of $11.2 million was withdrawn from digital asset investment products last week, BTC-focused investment products received $3.8 million in inflows.

BTC Inflows Increase on Cryptocurrency Exchanges

Bitcoin (BTC), the leading cryptocurrency, which has tested the $26,000 level multiple times since the beginning of the week, has been trading relatively sideways between $25,500 and $26,000 in recent days and has not yet surpassed the $26,000 level. As the uncertainty in Bitcoin continues, Whale Alert has reported an increase in BTC inflows on cryptocurrency exchanges.

Whale Alert, which provides up-to-date information on high-value cryptocurrency transfers made by addresses known as “whales” in the crypto ecosystem, shared data on the BTC inflow to Coinbase. According to Whale Alert’s data, a total of 2,888 BTC worth approximately $74.3 million was transferred from an unknown address to the cryptocurrency exchange Coinbase in the early hours of the day.

Disclaimer: The information in this article does not constitute investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and should conduct their own research before making any transactions.

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