The price of Bitcoin (BTC) continued to trade slightly lower on Wednesday and stayed around $27,000 as investors anxiously monitored signs of the American economy.
The largest cryptocurrency by market capitalization is presently trading at $26,701, down around 1.3% for the day, according to statistics from CoinMarketCap.
Over the past 24 hours, the price of BTC has varied between $26,572 and $27,234.
In light of this, cryptocurrency researcher Ali Martinez outlines the crucial levels to pay attention to that may indicate the price of Bitcoin’s future movement.
Ali just tweeted that the most crucial support level is around $26,490 and that failure to hold above this level might result in a harsher fall below $24,100 or $23,190.
On the upside, Bitcoin meets significant opposition, particularly between $28,180 and $28,990, when 973,220 BTC were purchased by 1.24 million addresses.
Those Bitcoin whales that hold 1,000 to 10,000 BTC are indisputably showing an accumulating pattern.
According to Santiment, an on-chain analytics company, these substantial Bitcoin owners have gathered 84,897 coins during the last five weeks.
“While prices have been stable for the previous five weeks, Bitcoin’s major huge whale address tier has been on a steady accumulation run, collecting a total of 84,897 BTC. Prices increased by +34.4% during their prior accumulation cycle in January, according to Santiment experts, who also noted the possibility of a price increase from present levels.
Tether, the organisation in charge of the largest stablecoin, USDT, reserves, has revealed its new investment approach, which is good news for Bitcoin.
Tether has announced that it will periodically dedicate up to 15% of its realised net operational income to the purchase of Bitcoin (BTC) starting this month.
