The price has been facing severe selling pressure after failing to go past the $28,000 area.
If the price breaks below $26,650, then it will likely head towards the $26,000 mark.
Glassnode reports that over the previous two days, Binance has received Bitcoin worth over $300 million. There were two major inflows marking this surge: over $200 million went to the exchange on October 11, and another of $120 million on October 12. The majority of these transactions are in the $1 million to $10 million range, indicating the involvement of ‘whales’ or large-scale investors.
Bitcoin’s price has halted its precipitous decline, but it is still struggling and is hovering below $27,000. The altcoins are likewise struggling with the recent price drops being quite harsh on most of them. BTC price showed momentum at the start of the month, but its recent failure to break beyond $28,000 has acted as a negative stimulus for subsequent price moves.
High Volatility Expected
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