#اخبار_الكريبتو_العاجلة #عملات_رقمية #اقتصاد_رقمي #wct $
BlackRock transferred $125 million from Bitcoin to Coinbase, increasing market uncertainty.
Bitcoin failed to break through the resistance level at $94,000 after multiple attempts.
Bitcoin trading remains extremely volatile after massive moves from institutions, which have raised concerns among investors across various global exchanges during the past few trading sessions. On-chain trading metrics indicate a further decline in price before the digital asset regains its upward trend. Investors are paying close attention to key support levels that may indicate Bitcoin's price movement in the coming days.
Institutional activity increases market pressure
Bitcoin's struggle to maintain its upward trend beyond key levels has intensified after BlackRock made a significant transfer of digital assets worth approximately $125 million to Coinbase. This move, along with the market's deterioration, has prompted traders to take more cautious positions due to their significant doubts about institutional intentions.
The digital asset is currently trading at around $89,250 after several failed attempts to break through the resistance level at $94,000, which has been strong in the past few sessions. Each time, this rally has been met with intense selling, thus resulting in no significant outcome in the continuation of the rise, and negative sentiment among active market participants monitoring the market closely has strengthened.
Market pressure has increased with the latest U.S. inflation data showing the personal consumption expenditures index rising to 2.8%, leading to a decrease in risk appetite in financial markets. This macroeconomic development has been a key factor in deepening liquidity conditions, making it difficult for buyers to raise prices despite some buying interest.
Technically, there are concerning indicators suggesting that the largest digital currency in the world by market capitalization may face further losses in the near future. The asset is moving within a bearish flag pattern, a continuation pattern that generally indicates further declines if accompanied by a sharp drop in price.
The Parabolic SAR indicator reveals that the points are placed above the current price movement, confirming sellers' dominance over the prevailing trend. At the same time, the directional movement indicator shows negative strength at 25, just above positive strength at 24, indicating continued dominant selling pressure.
Market analysts have turned their attention to the $88,000 level as the next key testing point. If the price drops from there, it could push Bitcoin towards $84,000, where a more solid support level is believed to exist. From there, the lower region may provide the necessary foundation for any strong rebound. However, the current situation remains very uncomfortable for those traders and investors willing to take risks.
