Average Liquidated Volume for Long Positions in Bitcoin (BTC) Futures Contracts on Okex rose to a 19-month high of $730,576.07, according to an This exceeded the previous 19-month high of $607,216.06 recorded on September 8, 2022.
Glassnode Alerts also shared earlier today that the number of addresses holding 100+ BTC coins reached a 4-month low at 15,955. This decline in addresses holding 100+ coins indicates the reluctance or decreased interest of large investors to accumulate more BTC at the current price.
As of press time, Bitcoin price was worth about $26,550.11 after falling 0.41 percent, according to CoinMarketCap data.
Bitcoin transaction volume is falling
With the price drop, the market leader's intraday trading volume has fallen by more than 27 percent over the past day. This caused it to remain at approximately 10 billion dollars.
From a technical perspective, Bitcoin's price was trading between the 9-day EMA and 20-day EMA lines at press time. This happened after the shorter EMA line lost support over the last 72 hours.
Investors and traders will want to keep an eye on these 2 technical indicators for the next 24-48 hours. If BTC's price falls below the 20-day EMA line, it could pull back and look for support at the $26K mark. Later, if the selling volume continues, the price of the leading cryptocurrency may drop below this level, dropping to $25,000.
On the other hand, a break above the 9-day EMA line, located at $26,619.82 at press time, could follow BTC turning the $26,915 resistance level into support. Ongoing buying support could push the price of the cryptocurrency towards $27,915 in the next few days.
