• BlackRock and Fidelity have opted to retain their Bitcoin assets. According to data from Arkham, these firms, along with MicroStrategy and Grayscale, have not liquidated their holdings despite the market volatility.

    You guys sold all your coins… ButBlackRockMicroStrategyGrayscaleFidelitydidn’t. pic.twitter.com/R2NY3rDPcQ

    — Arkham (@ArkhamIntel) August 5, 2024

    Currently, Bitcoin is priced at $54,262.48, with a 24-hour trading volume of $103 billion. Over the past day, Bitcoin has declined by 8.49%, with a market capitalization of $1.07 trillion. The circulating supply stands at 19,735,965 BTC out of a total maximum supply of 21,000,000 BTC.

    Following the recent dip to $50,000, InnovatekMobile reports a substantial plunge in the percentage of Bitcoin holders in profit. The last time such a percentage level was observed was in January when Bitcoin’s value bottomed out around $39,000.

    CRYPTO BREAKING NEWSPercentage of Bitcoin Holders in Profit Plunge Following Dip to $50k: ITB. The last time the percentage of bitcoin-holding addresses was at this level was in January, when the value of BTC formed a local bottom around $39,000. check us out @… pic.twitter.com/q6yu3BvhOE

    — InnovatekMobile (@Neome_com) August 5, 2024

    The recent downturn in Bitcoin’s price is evident in various technical indicators. The cryptocurrency has fallen below both the 20-day and 200-day Exponential Moving Averages (EMAs). This drop suggests a bearish trend in the market.

    Furthermore, trading volume has surged, reaching 10,025K, which is higher than the recent average. This increased volume aligns with the recent price decline, indicating heightened market activity.

    The Moving Average Convergence Divergence (MACD) indicator shows bearish momentum. The MACD line has crossed below the signal line and is moving downward. Additionally, the histogram bars are negative and expanding, confirming the bearish trend.

    Source: TradingView

    The Relative Strength Index (RSI) is currently at 26.31, placing it in the oversold territory. This could suggest that Bitcoin might be poised for a bounce or consolidation. However, this does not guarantee an immediate reversal.

    Moreover, Bitcoin’s price has broken below the lower Bollinger Band. This indicates a strong downward movement and potential oversold conditions, which may signal a forthcoming stabilization or rebound.

    The post Bitcoin Price Drops, But Institutions Hold Strong appeared first on Coin Edition.

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