Rally

Bitcoin

Spot

<ul> 
 <li><strong>At the time of writing, Bitcoin is trading at $26,788, down 1.57% in the last 24 hours.</strong></li> 
 <li><strong>If the price manages to go past the recent high of $27,210 then it will likely test $27,430.</strong></li> 
</ul> 
<p>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 <a href="https://thenewscrypto.com/sec-delays-multiple-spot-bitcoin-etf-applications-including-blackrocks/" target="_blank" rel="noopener noreferrer nofollow">SEC</a> recently postponed a decision on a Spot Bitcoin exchange-traded fund (ETF) application from Blackrock, a global leader in asset management.</p> 
<p>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.</p> 
<h3 class="wp-block-heading" id="h-high-volatility-anticipated">High Volatility Anticipated</h3> 
<p>After briefly exceeding the $27,000 barrier, <a href="https://thenewscrypto.com/bitcoin-price-eyes-strong-comeback-as-bulls-striving-hard/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> 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%.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-full"> 
  <img decoding="async" width="660" height="356" src="https://thenewscrypto.com/wp-content/uploads/2023/09/BTC_7D_graph_coinmarketcap-8.png" alt="" class="wp-image-83138" srcset="https://thenewscrypto.com/wp-content/uploads/2023/09/BTC_7D_graph_coinmarketcap-8.png 660w, https://thenewscrypto.com/wp-content/uploads/2023/09/BTC_7D_graph_coinmarketcap-8-300x162.png 300w, https://thenewscrypto.com/wp-content/uploads/2023/09/BTC_7D_graph_coinmarketcap-8-150x81.png 150w" sizes="(max-width: 660px) 100vw, 660px"> 
  <figcaption class="wp-element-caption">
    Source: <a href="http://CoinMarketCap.com" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap</a> 
  </figcaption> 
 </figure> 
</div> 
<p>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.</p> 
<p>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.</p>

Bitcoin Price Witnesses Brief Correction Post Recent Rally

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