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Bitcoin (BTC) traded slightly lower on Wednesday, staying below $27,000 as investors watched closely for signs on the US economy.
According to data from CoinMarketCap, the largest cryptocurrency by market cap is currently trading at $26,701, down about 1.3% on the day.
The price of BTC has fluctuated between $26,572 and $27,234 in the last 24 hours.
With this in mind, crypto analyst Ali Martinez highlights the key levels to watch out for that could mark the next direction for bitcoin price.
In a fresh tweet, Ali notes that all eyes are on the key support level at $26,490 as a failure to hold above it could trigger a steeper correction to $24,100 or $23,190.
On the upside, Bitcoin is facing stiff resistance, especially between $28,180 and $28,990 where 1.24 million addresses bought 973,220 BTC.
The trend towards accumulation can be seen in bitcoin whales, particularly those who own 1,000 to 10,000 BTC.
On-chain analytics firm Santiment reports that these major bitcoin holders have amassed 84,897 bitcoins over the past five weeks.
“The key address tier for Bitcoin’s great whales has seen a steady accumulation run over the past five weeks, accumulating a total of 84,897 BTC in that time while prices have been flat. In their previous cycle of accumulation in January, prices rose by +34.4%,” analysts at Santiment wrote, emphasizing the potential for prices to rise from current levels.
In positive news for BTC, Tether — the company that manages the reserves of the largest stablecoin USDT — has announced its new investment strategy.
Tether announces that starting this month, it will regularly use up to 15% of its realized net operating profit to buy Bitcoin (BTC).
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