The overall cryptocurrency market continues to stay under pressure and has lost $400 billion over the last week slipping below $1.4 trillion. Slipping another 6% today, Bitcoin (BTC) is down 20% on the weekly charts and testing up crucial support levels at $44K.
At press time, BTC is trading at $44,692 with a market cap of $833 billion. Popular bitcoin analyst and trader Josh Rager notes that if the BTC price slips below $44K, its next support is at $40K.
Keeping an eye on the $44ks – tested once but a break below there likely sends price back down to $40k
And if price makes way to $40k – you know it’s going to wick in the mid to upper $30ks
Could bounce here – but going to take it level by level/day by day pic.twitter.com/kGf12LshqG
— Josh Rager (@Rager) February 26, 2021
However, CryptoQuant CEO Ki-Young Ju has stated that institutional players are likely to defend the $44K as a lot of players have entered at this stage. Despite Bitcoin remaining under pressure, the on-chain data for the world’s largest cryptocurrency continues to improve.
On Saturday, CoinGape reported that over 13K Bitcoins moved out of Coinbase to cold storage with Bitcoin liquidity further reducing. Another data from Glassnode now shows that miners have now stopped selling and rather started accumulating. On Friday, February 26, it was for the first time in 2021 that the net miner position turned positive.
Miners have stopped selling and started accumulating #Bitcoin
Yesterday was the first day since Dec, 27 when Miners …
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