Bitcoin Price Witnesses Brief Correction Post Recent Rally

• At the time of writing, Bitcoin is trading at $26,788, down 1.57% in the last 24 hours.
• If the price manages to go past the recent high of $27,210 then it will likely test $27,430.

The price of bitcoin has witnessed slight correction lately after a significant rally to $27,200 mark. As a result, there is a great deal of unpredictability in the crypto market. Moreover, the SEC recently postponed a decision on a Spot Bitcoin exchange-traded fund (ETF) application from Blackrock, a global leader in asset management.

However, Bitcoin’s on-chain data has recently formed a positive combination, suggesting a possible upswing in the near future. Santiment, an on-chain analytics firm, reports that large holders of Bitcoin are on a accumulation spree. The “Supply Distribution,” which tracks the overall quantity of a specific asset held by the various holder groups, is the relevant measure here. Due to recent accumulation by Bitcoin whales and sharks, the total supply of Bitcoin has risen to a new yearly high of 13.03 million BTC.

High Volatility Anticipated

After briefly exceeding the $27,000 barrier, Bitcoin has fallen in the previous few hours and is trading around the $26,700 level. At the time of writing, Bitcoin is trading at $26,788, down 1.57% in the last 24 hours as per data from CMC. Moreover, the trading volume is down 12.24%.

If the price manages to go past the recent high of $27,210 then it will likely test the $27,430 resistance level. If bulls continue to dominate and break this level, then it will likely test the $30,500 level.

On the other hand, if bears drive the price below the $26,120 support level, then price will likely decline all the way till $25,460 mark. Any further decline could see price testing the key $25,000 support level.