- Bitcoin (BTC) has seen a significant increase in the past 24 hours, with the BTC price trading at $26,040, and its market value stands at $512 billion.
- It’s important to monitor BTC’s supply on exchanges because it has increased by 3.1% in the last two weeks. Traders appear to be guided by a desire to preserve modest profits, as noted by Santiment.
- So far, the BTC price appears to be forming a double-dip pattern, which signals further pain in the coming days. However, if the BTC price manages to hold above $26,000, the double-dip theory will be invalidated.
Bitcoin price has experienced a significant movement in the last 24 hours and managed to rise above $26.400; What will happen now? Will the rise continue?
Bitcoin Price Sees a 2% Increase
The world’s largest cryptocurrency, Bitcoin (BTC), has experienced a significant increase in the past 24 hours, with the BTC price trading at $26,040, and its market value stands at $512 billion. This can be considered a break as the asset has continued to face significant selling pressure over the past few weeks.
However, this price increase could turn into a selling opportunity, as it signals an increase in deposits on exchanges. On-chain data provider Santiment reported that Bitcoin’s exchange supply reached a two-week high. Allegedly, over 5,000 Bitcoins worth a striking $128.5 million were sent to exchanges in the past 24 hours.
Bitcoin has seen a modest 2% price increase over the past week, once again reaching the $26,300 levels. Monitoring BTC’s supply on exchanges is crucial because it has increased by 3.1% in the last two weeks. Traders appear to be guided by a desire to preserve modest profits, as added by Santiment.
However, there’s a significant level to watch for investors following the recent uptrend, and that’s the $26,000 level. So far, the BTC price appears to be forming a double-dip pattern, which signals further pain in the coming days. However, if the BTC price manages to hold above $26,000, the double-dip theory will be invalidated.
Possibility of a BTC Price Correction
On the downside, $25,500 continues to be an important support level for Bitcoin. Bitcoin is playing out the textbook move it made just a few months before the halving. Historically, August and September were periods of significant pain for Bitcoin in the year leading up to the halving.
Popular crypto analyst Stack Hodler stated:
“We are approaching the end of a significant debt cycle, and governments will continue to devalue their currencies to meet nominal debt obligations.”
Assets with limited supply that are immune to seizure and devaluation will succeed in the long run. Consider Bitcoin, which has increased by 342% since the start of the Covid fiat turmoil.
