- The price witnessed a sudden spike yesterday rallying all the way till 26,800.
- If the price manages to go past the $26,800 mark then it will likely rally further.
As the U.S. stock market continued its downward spiral on Wednesday, bitcoin’s price made a failed attempt to regain the $27,000 barrier. For the cryptocurrency industry to see sustained development, it may need a strong catalyst such as a Spot BTC or ETH ETF approval.
Bitcoin supply owned by U.S. companies has been continuously declining since June 2022, post analysis of Bitcoin’s regional supply distribution. As of September 26, 2023, the total number of bitcoins held by organizations based in the U.S was 612,472, a decrease of 64 percent from the previous year.
A number of economic issues, including increases in interest rates, have been blamed for the drop. However, the unclear regulatory environment around cryptocurrencies in the United States looks to be a major driver of this outcome.
Strong Fightback
At the time of writing, the price of BTC is $26,561, up 0.46% in the last 24 hours as per data from CMC. Moreover, the trading volume is up 59.76%. The price witnessed a sudden spike yesterday rallying all the way till 26,800. However, it faced severe resistance at this point and bears drove the price to $26,160.
If the price manages to go past the strong resistance level of $26,800, then it will likely rally further all the way till the next resistance level of $27,420. If bulls manage to breach this level then the next target would be around the $30,000 mark. However, if price breaks below the $26,000 support level, then it will likely test the $25,000 key support level.
