July 24, 2021

Bitcoin price nears $44K as large Coinbase outflows fail to stop the sell-off

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Bitcoin (BTC) hit fresh local lows on Feb. 26 despite what appear to be ongoing largescal institutional buy-ins.

New lows despite bullish signs

Data from Cointelegraph Markets and TradingView showed BTC/USD $44,150 during Friday trading — last seen two weeks ago — after a rebound to $50,000 fizzled overnight.

Bitcoin had seen good news in the form of asset manager Stone Ridge planning to become the first Bitcoin mutual fund, along with major corporate purchases from MicroStrategy and Square. These, however, failed to stem the bearish mood, with 24-hour losses standing at near 10% at the time of writing.

“Everyone wants 42k, so we probably just go up now or drop to 38k on a savage wick. Crowd rarely gets what it wants,” popular trader Scott Melker summarized on Twitter.

Cointelegraph Markets analyst Michaël van de Poppe had prevously forecast ultimate support lying at around $38,000 should Bitcoin not find buying volume at higher levels.

“Bitcoin doesn’t look too great for a bull continuation coming period,” he said on Thursday.

“Still, retest at $54,000-55,000 could happen, but I’m cautious when we get there. If we lose $47,000, then I’mTitle: Bitcoin price nears $44K as large Coinbase outflows fail to stop the sell-off
Sourced From: cointelegraph.com/news/bitcoin-price-nears-44k-as-large-coinbase-outflows-fail-to-stop-the-sell-off
Published Date: Fri, 26 Feb 2021 08:54:16 +0000