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 The report stated that while a total of $11.2 million was withdrawn from digital asset investment products last week, BTC-focused investment products received $3.8 million in inflows.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.
