Bitcoin

Bitcoin’s (<a href="https://crypto.news/price/bitcoin/">BTC</a>) price has been consolidating around the $26,000 mark after its sudden decline from $29,000 on Aug. 18. 
With the recent regulators’ <a href="https://crypto.news/binance-under-scrutiny-increased-enforcement-amid-growing-scams-pepes-drama-weekly-recap/">scrutiny</a>, data shows that BTC might be headed to the bear zone. 
According to the market intelligence platform Santiment, Bitcoin’s social volume has dropped by almost 88% over the past 24 hours. The notable fall comes as the asset’s price struggles to stay above the crucial $26,000 mark. 
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 <img decoding="async" loading="lazy" width="3840" height="1300" src="https://crypto.news/app/uploads/2023/08/Bitcoin-BTC-12.49.32-28-Aug-2023.png" alt="Bitcoin enters the bear zone with price below $26k - 5" class="wp-image-14188746">
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 BTC price, whale activity, social volume and exchange inflow – Aug. 28 | Source: <a href="https://app.santiment.net/charts/n4lc7pns__sCl" target="_blank" rel="noopener">Santiment</a>
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</figure> 
Quite similarly, the number of <a href="https://crypto.news/meet-the-whales-bitcoins-biggest-holders-and-their-market-influence/">BTC whale</a> transactions, consisting of at least $100,000 worth of Bitcoin has also plunged from 4,210 to 755 over the past day, marking an 81.5% decline, according to Santiment. 
 You might also like: <a href="https://crypto.news/meet-the-whales-bitcoins-biggest-holders-and-their-market-influence/"> Meet the whales: Bitcoin’s biggest holders and their market influence </a> 
On the other hand, Bitcoin investors are still HODLing their assets, probably aiming at a higher price now as data suggests that BTC’s exchange inflow has dropped significantly. 
Per Santiment’s data, 6,941.33 BTC have entered exchanges over the past 24 hours, registering a 77.5% drop from the 31,075 coins that flowed into the exchanges on Aug. 27. 
Bitcoin is down by 0.5% in the past 24 hours and trading at $25,910 at the time of writing. The asset’s market cap is still holding at around $504 billion, while its 24-hour trading volume witnessed a notable surge of 35%, surpassing the $8 billion mark. 
According to a <a href="https://crypto.news/bitcoins-halving-pattern-suggests-q4-is-critical-for-investors/">report</a> on Aug. 25, the last quarter of 2023 is crucial for the flagship cryptocurrency as the next halving event gets closer. An analyst with the X (formerly Twitter) handle Filbfilb expects a bull run for Bitcoin before the end of this year. 
 Read more: <a href="https://crypto.news/pantera-capital-bitcoin-could-hit-148000-after-halving/"> Pantera Capital: Bitcoin could hit $148,000 after halving </a>

Bitcoin enters the bear zone with price below $26k

crypto.news

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