Bitcoin's (BTC) price is recovering its initial weekly losses, trading 1.2% higher at $56,666 at the time of writing on Wednesday after a 7% drop on Monday.
Metaplanet announces $69.13 million injection for further investment in Bitcoin . Santiment's data shows BTC's swift rebound to $57,000 occurred right after social media predicted a drop in the $40,000-$45,000 range. On-chain data shows that institutional investors hold firm despite the recent price decline. Bitcoin 's price is recovering its initial weekly losses, trading 1.2% higher at $56,666 at the time of writing on Wednesday after a 7% drop on Monday.
However, the Bitcoin Balance chart and Bitcoin Sum Coin Age chart show no decrease in smart money, suggesting that institutional investors have not cashed out or withdrawn amid the recent market downturn. Bitcoin Sum Coin Age chart Bitcoin Balance chart Technical analysis: BTC primed for temporary upsurge before downtrend resumes Bitcoin’s price broke below the ascending trendline on Friday, leading to a 12% decline over the following three days.
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