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Bitcoin Price Drops Nears $44,000 – Will the Downtrend Continue?

The price of Bitcoin (BTC) continued to depreciate on February 26, despite constant purchases by institutional investors.

At around 07:00 GMT on Friday, the BTC/USD pair fell to $44,150 on Bitstamp — a level last seen two weeks ago —  after rising to $50,000.

Bitcoin has recently witnessed positive news, such as asset management firm Stone Ridge’s announcement of plans to become the first Bitcoin mutual fund and MicroStrategy and Square’s purchase of Bitcoin. However, this news was insufficient to stem the bearish mood, as the premier cryptocurrency has lost almost 10% in the past 24 hours.

Commenting on the downtrend, popular crypto investor, Scott Melker said on Twitter:

 

Earlier, crypto analyst Michaël van de Poppe said that if Bitcoin fails to find higher levels of buy volume, the final support level would be around $38,000.

A 1-hour candlestick chart of the BTC/USD pair. Source: Tradingview

Institutional investors continue to buy

Meanwhile, data from the professional trading arm of the US crypto exchange Coinbase shows that large amounts of BTC have been transferred from exchanges to private wallets. This often points to institutional investors buying.

This week saw a second jump in the number of BTC exiting exchanges, with 12,100 BTC moved from Coinbase.

Detailed graph of Coinbase Pro outflow. Source: Lex Moskovski / CryptoQuant

CryptoQuant CEO Ki Young Ju said that whales prefer to buy at current price levels, so it is unlikely for Bitcoin to drop below $44K.

At the time of writing, Bitcoin is trading above $47,000 as institutions are reaping the benefits of weak hands who are not done selling.


If you have any questions and comments on Bitcoin today, use the form below to reply.


© MarkStevenson for Commodity News, 2021. | Permalink | No comment |
Published under: Bitcoin

Via Commodity News https://bit.ly/2OA2lVq

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