Bitcoin price is at risk of falling to $23,000, but that appears not to bother large holders of the flagship digital asset who have been accumulating BTC at a very high rate. 

Ali Martinez, BeInCrypto’s Global Head of News, citing on-chain data from Glassnode, noted that BTC lacks strong support below the $25,400 mark. He said the market could see a swift correction to around $23,000 if the price fell below the threshold.

ETF Influencing Bitcoin Price Action

Given that the asset is currently trading at $25,841, according to BeInCrypto data, the risk of breaking that support level is real. The extreme volatility of recent weeks further complicates matters.

Over the past month, BTC has witnessed a decline of 11.4%. In the last five days, the premier cryptocurrency oscillated from $25,000 to $28,000 and then back to $25,000.

This price turbulence can be largely attributed to developments related to spot Bitcoin ETFs. The announcement of G

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Author: Oluwapelumi Adejumo

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