Based

Bitcoin

<ul> 
 <li><strong>Institutional investors are consistently purchasing Bitcoin as per CryptoQuant.</strong></li> 
 <li><strong>Bitcoin’s price is likely to test the $25,860 level of short-term support.</strong></li> 
</ul> 
<p>Bitcoin has shown significant negative momentum over the previous several weeks. Amid the severe assault, there has been a noticeable increase in institutional interest, which is widely anticipated to play a significant role in the next BTC rally. Based on analysis by CryptoQuant of wallet deposit and withdrawal records, it can be concluded that institutional investors are consistently purchasing Bitcoin.</p> 
<p>Moreover, over the last year, Bitcoin reserves on non-US exchanges have increased by over 10%. On the other hand, Coinbase, Gemini, and Kraken, three major American crypto exchanges, have seen their Bitcoin holdings drop by 30% to over 50%.</p> 
<p>Also, there has been a dramatic increase in the number of investors taking part in the Bitcoin futures market. Since November 2022, open interest in Bitcoin futures has increased to a new all-time high (ATH).</p> 
<h2 class="wp-block-heading" id="h-further-decline-likely">Further Decline Likely</h2> 
<p>Despite hopes of investors for a market turnaround, Bitcoin has fallen below $26,000 and is currently trading at $25,901. The Bitcoin price was consolidating around the critical $26,000 mark for some time before breaking out earlier today.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-full"> 
  <img decoding="async" width="661" height="356" src="https://thenewscrypto.com/wp-content/uploads/2023/08/BTC_1D_graph_coinmarketcap-2.png" alt="" class="wp-image-81315" srcset="https://thenewscrypto.com/wp-content/uploads/2023/08/BTC_1D_graph_coinmarketcap-2.png 661w, https://thenewscrypto.com/wp-content/uploads/2023/08/BTC_1D_graph_coinmarketcap-2-300x162.png 300w, https://thenewscrypto.com/wp-content/uploads/2023/08/BTC_1D_graph_coinmarketcap-2-150x81.png 150w" sizes="(max-width: 661px) 100vw, 661px"> 
  <figcaption class="wp-element-caption">
    Source: <a href="http://CoinMarketCap.com" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap</a> 
  </figcaption> 
 </figure> 
</div> 
<p><a href="https://thenewscrypto.com/bitcoin-news-bitcoin-miners-struggle-as-profit-per-terahash-reaches-record-lows/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin’s</a> price is likely to test the $25,860 level of short-term support. If price manages to drop below the support level, it will signal a continuation of the downtrend all the way to $25,630.&nbsp;</p> 
<p>On the other hand, the $26,670 resistance level is projected to be reached if bulls are successful in pushing the price over $26,170. The price increase might go as high as $30,000 if a major trigger materializes, such as the U.S. Securities and Exchange Commission (<a href="https://thenewscrypto.com/bitcoin-news-hashdex-files-spot-bitcoin-etf-application-with-the-u-s-sec/" target="_blank" rel="noopener noreferrer nofollow">SEC</a>) approving a Bitcoin spot ETF.</p>

Struggle Continues for Bitcoin as Price Breaks Key Support Level

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