Bitcoin

<ul><li>BTC&#39;s price has experienced a significant 7.49% drop, falling below the $27,000 mark in the past 24 hours.</li><li>US demand for Bitcoin wanes, reflected in negative Coinbase premium.</li><li>Whale spending activity surged before the significant market downturn.</li></ul>In a significant market movement, Bitcoin&#39;s market value has taken a significant dip, plunging by 7.49% in the last day, settling below the $27,000 mark. Since mid-July, there&#39;s been a noticeable trend in the Bitcoin market, with open interest indicating a rise in short positions. This trend was particularly evident as the price declined while open interest surged.Cryptoquant, a leading on-chain analytics provider, shared a Twitter post providing insights on the drastic drop in BTC price:<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/fb03d437a06743469568c0719bcc9536.png" />Furthermore, a notable decrease in Bitcoin demand, especially in the US, was evident by the negative premium on Coinbase. On-chain data also reveals an uptick in spending by Bitcoin whales leading up to and during this market downturn. The prevailing sentiment in the market leans towards the bearish side, as evidenced by the negative funding rates, suggesting traders are currently more inclined to short Bitcoin.The most recent Bitcoin price analysis reveals that the BTC price is under significant bearish pressure in the current market.  BTC/USD has broken below the $27,000 support level in the past 24 hours due to significant market selling pressure. The BTC token is currently trading at $26,492, significantly decreasing in the past few hours.-Read full article at <a href="https://cryptotale.org/bitcoins-price-drop-below-27k-level-more-downtrend-ahead/" rel="noopener noreferrer nofollow">CryptoTale.</a>

Bitcoin's price Drop Below $27k level, More downtrend ahead?

CryptoTale

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