🧐 ProPicks AI October update is out now! See which stocks made the listPick Stocks with AI

Bitcoin enters the bear zone with price below $26k

Published 08/28/2023, 04:51 AM
Updated 08/28/2023, 05:00 AM
Bitcoin enters the bear zone with price below $26k
BTC/USD
-

Crypto.news - Bitcoin’s (BTC) price has been consolidating around the $26,000 mark after its sudden decline from $29,000 on Aug. 18.

With the recent regulators’ scrutiny, data shows that BTC might be headed to the bear zone.

According to the market intelligence platform Santiment, Bitcoin’s social volume has dropped by almost 88% over the past 24 hours. The notable fall comes as the asset’s price struggles to stay above the crucial $26,000 mark.

BTC price, whale activity, social volume and exchange inflow – Aug. 28 | Source: Santiment

Quite similarly, the number of BTC whale transactions, consisting of at least $100,000 worth of Bitcoin has also plunged from 4,210 to 755 over the past day, marking an 81.5% decline, according to Santiment.

On the other hand, Bitcoin investors are still HODLing their assets, probably aiming at a higher price now as data suggests that BTC’s exchange inflow has dropped significantly.

Per Santiment’s data, 6,941.33 BTC have entered exchanges over the past 24 hours, registering a 77.5% drop from the 31,075 coins that flowed into the exchanges on Aug. 27.

Bitcoin is down by 0.5% in the past 24 hours and trading at $25,910 at the time of writing. The asset’s market cap is still holding at around $504 billion, while its 24-hour trading volume witnessed a notable surge of 35%, surpassing the $8 billion mark.

According to a report on Aug. 25, the last quarter of 2023 is crucial for the flagship cryptocurrency as the next halving event gets closer. An analyst with the X (formerly Twitter) handle Filbfilb expects a bull run for Bitcoin before the end of this year.

This article was originally published on Crypto.news

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.