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Bitcoin Steadies Near $54K After Biggest Drop in a Month
The drop below $55,000 comes at a time when cryptocurrency fund inflows have been on the decline.
Updated Sep 14, 2021, 12:30 p.m. Published Mar 23, 2021, 1:11 a.m.
Bitcoin stabilized near $54,000 early Tuesday after posting its worst daily loss in almost a month.
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- Bitcoin was trading around $54,680 as of 12:50 UTC (8:50 p.m. ET), after falling late Monday to around $53,715, the lowest since March 16.
- The largest cryptocurrency fell 5.8% over the previous 24 hours, for its largest daily decline since Feb. 23, according to Bitstamp exchange data. Bitcoin’s 24-hour range: $53,795.15-$58,407.62 (CoinDesk 20).
- BTC's four-hour chart shows seller volume has been building alongside a falling price, a bearish signal for market technicians.
The drop below $55,000 comes as cryptocurrency fund inflows have been on the decline, down by roughly 58% to $99 million last week.
Trading volume was also strong from sellers on Monday, with the largest four-hour print by the bears in over a week.
Ki Young Ju, CEO of the South Korea analysis firm CryptoQuant, says blockchain data shows there's "not enough buying power from stablecoins and U.S. dollar spot inflows" to drive prices vastly higher.
It could take some time before bitcoin enjoys another leg up, he said: "What's clear is that we won't see a huge surge like 20%."
See also: Cryptocurrency Fund Flows Decline as Bitcoin Price Trades Sideways
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