{"id":547943,"date":"2023-08-18T18:00:23","date_gmt":"2023-08-18T18:00:23","guid":{"rendered":"https:\/\/ktsl888.com\/?p=547943"},"modified":"2024-06-11T08:12:21","modified_gmt":"2024-06-11T08:12:21","slug":"bitcoin-teetering-on-the-edge-heres-why-btc","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-teetering-on-the-edge-heres-why-btc\/","title":{"rendered":"Bitcoin Teetering On The Edge: Here\u2019s Why BTC Could Plunge Below $26,000"},"content":{"rendered":"<p><span class=\"selectable-text copyable-text\">Bitcoin, the cryptocurrency often referred to as &#8216;digital gold&#8217;, has been on a roller-coaster ride lately. Over the past decade, Bitcoin has transformed from an obscure digital token into an economic powerhouse, drawing attention from retail investors to global financial institutions. <\/span><\/p>\n<p><span class=\"selectable-text copyable-text\">However, as recently observed over the past 24 hours, the <a href=\"https:\/\/ktsl888.com\/bitcoin-news\/bitcoin-volatility-continue-these-metrics-say-yes\/\" target=\"_blank\" rel=\"noopener \">asset&#8217;s resistance<\/a> is being tested as a <a href=\"https:\/\/twitter.com\/santimentfeed\/status\/50852211?s=20\" target=\"_blank\" rel=\"noopener nofollow\">report<\/a> from Santiment reveals chances of it plunging below the critical $26,000 mark.<\/span><\/p>\n<h2>Whale Activity Driving Bitcoin Price Movement<\/h2>\n<p><span class=\"selectable-text copyable-text\">Whale activity, or <a href=\"https:\/\/ktsl888.com\/bitcoin-news\/bitcoin-speculators-retreat-as-long-term-holders-double-down\/\" target=\"_blank\" rel=\"noopener \">large-scale investors<\/a>, has historically played a pivotal role in determining the direction of any crypto asset, and currently, Bitcoin is not an exception. Blockchain intelligence firm, Santiment, recently shed light on this phenomenon via a post on X (formerly known as Twitter).<\/span><\/p>\n<p>Related Reading: <a href=\"https:\/\/ktsl888.com\/bitcoin-news\/bitcoin-speculators-retreat-as-long-term-holders-double-down\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Speculators Retreat As Long-Term Holders Double Down Since $69,000 Peak<\/a><\/p>\n<p>According to the firm, <span class=\"selectable-text copyable-text\">the rapid price decline of Bitcoin might have been influenced by heightened whale transaction activity. And despite the substantial loss BTC has suffered in value over the past day, Santiment noted &#8220;the dust has far from settled.&#8221;<\/span><\/p>\n<p>This statement in an actual sense means Bitcoin&#8217;s price decline might just be starting, as according to Santiment, &#8220;<span class=\"selectable-text copyable-text\">whales are very active on this dump&#8221; and &#8220;the amount of large wallets is not falling.&#8221;<\/span><\/p>\n<p><span class=\"selectable-text copyable-text\">The Blockchain intelligence firm further revealed that the surge in large transactions had commenced even before the significant market drop, hinting at the possibility of a sustained price drop.<\/span><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">\ud83d\udc33 The dust has far from settled after <a href=\"https:\/\/twitter.com\/hashtag\/crypto?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#crypto<\/a> markets had one of its sharpest price drops of 2023. We are seeing a large amount of $1M+ <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a> transactions, indicating whales are very active on this dump. But the amount of large wallets is not falling. \ud83d\udc4d <a href=\"https:\/\/t.co\/WtXYUPdFOf\" rel=\"nofollow\">https:\/\/t.co\/WtXYUPdFOf<\/a> <a href=\"https:\/\/t.co\/gdrbUD1wFO\" rel=\"nofollow\">pic.twitter.com\/gdrbUD1wFO<\/a><\/p>\n<p>\u2014 Santiment (@santimentfeed) <a href=\"https:\/\/twitter.com\/santimentfeed\/status\/50852211?ref_src=twsrc%5Etfw\" rel=\"nofollow\">August 18, 2023<\/a><\/p><\/blockquote>\n<h2>BTC Plunge Below $26,000 I<span class=\"selectable-text copyable-text\">mminent<\/span>?<\/h2>\n<p>Given the fundamentals pointed out by Santiment, Bitcoin could see a <a href=\"https:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-liquidations-top-500-million\/\" target=\"_blank\" rel=\"noopener \">further plummet<\/a> potentially dropping it below the $26,000 mark. Moreover, from a technical perspective, <span class=\"selectable-text copyable-text\">such a price move<\/span>\u00a0may not actually be far from happening.<\/p>\n<p>Looking at Bitcoin&#8217;s chart on the 1-day timeframe, the asset has a two-way movement of taking out liquidity which is the upside and downside. However, the likelihood of tapping into the downside liquidity appears more convincing.<\/p>\n<figure style=\"width: 2770px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/z4nyVDl2\/\" alt=\"Bitcoin (BTC)\u2019s price chart on TradingView\" width=\"2770\" height=\"1408\"><figcaption class=\"wp-caption-text\">Bitcoin (BTC)\u2019s price is moving downward to take out liquidity in the marked wick on the 1-day chart. Source: BTC\/USDT on <a href=\"https:\/\/www.tradingview.com\/chart\/HSuSIPeM\/?symbol=BINANCE%3ABTCUSDT\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/figcaption><\/figure>\n<p><span class=\"selectable-text copyable-text\">Given the current market trajectory, which leans bearish, each significant price movement typically correlates with liquidation efforts. As the market <a href=\"https:\/\/ktsl888.com\/news\/bitcoin\/the-latest-bitcoin-wipeout\/\" target=\"_blank\" rel=\"noopener \">currently trends downwards<\/a>, the most immediate liquidity target seems to be the wick beneath the $26,000 zone.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/news\/bitcoin\/the-latest-bitcoin-wipeout\/\" target=\"_blank\" rel=\"noopener \">Here Are The Factors That Could Be Behind The Latest Bitcoin Wipeout<\/a><\/div>\n<p>To clarify, a wick\u00a0<span class=\"selectable-text copyable-text\">refers to the thin line\/vertical line above or below the main body of a candlestick. The wick represents the highest and lowest prices of an asset during a specific time frame, while the main body of the candlestick indicates the opening and closing prices<\/span><\/p>\n<p>As for its current price, Bitcoin is changing hands at $26,468 at the time of writing, <a href=\"https:\/\/ktsl888.com\/analysis\/btc\/bitcoin-price-nosedives-25k-2\/\" target=\"_blank\" rel=\"noopener \">down by nearly 10%<\/a> over the past 24 hours. The asset has made significant movement in the past day recording a 24-hour high of <span class=\"selectable-text copyable-text\">$28,507\u00a0<\/span>and a 24-low of <span class=\"selectable-text copyable-text\">$25,649.<\/span><\/p>\n<p>Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin, the cryptocurrency often referred to as &#8216;digital gold&#8217;, has been on a roller-coaster ride lately. Over the past decade, Bitcoin has transformed from an obscure digital token into an economic powerhouse, drawing attention from retail investors to global financial institutions. However, as recently observed over the past 24 hours, the asset&#8217;s resistance is being tested as a report from Santiment reveals chances of it plunging below the critical $26,000 mark. Whale Activity Driving Bitcoin Price Movement Whale activity, or large-scale investors, has historically played a pivotal role in determining the direction of any crypto asset, and currently, Bitcoin is not an exception. Blockchain intelligence firm, Santiment, recently shed light on this phenomenon via a post on X (formerly known as Twitter). Related Reading: Bitcoin Speculators Retreat As Long-Term Holders Double Down Since $69,000 Peak According to the firm, the rapid price decline of Bitcoin might have been influenced by heightened whale transaction activity. And despite the substantial loss BTC has suffered in value over the past day, Santiment noted &#8220;the dust has far from settled.&#8221; This statement in an actual sense means Bitcoin&#8217;s price decline might just be starting, as according to Santiment, &#8220;whales are very active on this dump&#8221; and &#8220;the amount of large wallets is not falling.&#8221; The Blockchain intelligence firm further revealed that the surge in large transactions had commenced even before the significant market drop, hinting at the possibility of a sustained price drop. \ud83d\udc33 The dust has far from settled after #crypto markets had one of its sharpest price drops of 2023. We are seeing a large amount of $1M+ $BTC transactions, indicating whales are very active on this dump. But the amount of large wallets is not falling. \ud83d\udc4d https:\/\/t.co\/WtXYUPdFOf pic.twitter.com\/gdrbUD1wFO \u2014 Santiment (@santimentfeed) August 18, 2023 BTC Plunge Below $26,000 Imminent? Given the fundamentals pointed out by Santiment, Bitcoin could see a further plummet potentially dropping it below the $26,000 mark. Moreover, from a technical perspective, such a price move\u00a0may not actually be far from happening. Looking at Bitcoin&#8217;s chart on the 1-day timeframe, the asset has a two-way movement of taking out liquidity which is the upside and downside. However, the likelihood of tapping into the downside liquidity appears more convincing. Given the current market trajectory, which leans bearish, each significant price movement typically correlates with liquidation efforts. As the market currently trends downwards, the most immediate liquidity target seems to be the wick beneath the $26,000 zone. Related Reading: Here Are The Factors That Could Be Behind The Latest Bitcoin Wipeout To clarify, a wick\u00a0refers to the thin line\/vertical line above or below the main body of a candlestick. The wick represents the highest and lowest prices of an asset during a specific time frame, while the main body of the candlestick indicates the opening and closing prices As for its current price, Bitcoin is changing hands at $26,468 at the time of writing, down by nearly 10% over the past 24 hours. The asset has made significant movement in the past day recording a 24-hour high of $28,507\u00a0and a 24-low of $25,649. Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":538164,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,78790,6664,57231],"class_list":["post-547943","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusdt","tag-crypto","tag-santiment"],"acf":[],"yoast_head":"\n<title>Bitcoin Teetering On The Edge: Here\u2019s Why BTC Could Plunge Below $26,000<\/title>\n<meta name=\"description\" content=\"Bitcoin, the cryptocurrency often referred to as &#039;digital gold&#039;, has been on a roller-coaster ride lately. 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.\",\"sameAs\":[\"https:\/\/x.com\/0xEdyme\"],\"url\":\"https:\/\/ktsl888.com\/author\/samueledymeabayomi\/\"}]}<\/script>\n","yoast_head_json":{"title":"Bitcoin Teetering On The Edge: Here\u2019s Why BTC Could Plunge Below $26,000","description":"Bitcoin, the cryptocurrency often referred to as 'digital gold', has been on a roller-coaster ride lately. 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. 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