Bitcоin

BTC’s Momentum Slows Following DTCC Delisting Announcement

Most cryptocurrencies have started cooling down after a hot few days in the market. Bitcoin (BTC) is no exception, as its price only managed a slight 0.46% climb in its price over the past 24 hours of trading.

BTC’s price pumped yesterday after the on-chain analytics platform, Lookonchain, revealed on X that the iShares spot Bitcoin trust was listed by The Depository Trust & Clearing Corporation (DTCC). However, just a few hours later, Lookonchain announced that the iShares spot Bitcoin trust has been removed from the DTCC’s list.

The #iShares Spot #Bitcoin Trust is not on the Depository Trust & Clearing Corporation (DTCC) list currently. $IBTChttps://t.co/jtfoEzwzP0 pic.twitter.com/uOX3AUFG54

— Lookonchain (@lookonchain) October 24, 2023

Traders likely took note of this development, which could explain why momentum has died down a bit for the market leader throughout the past day. At press time, CoinMarketCap indicated that BTC was trading hands at $34,181.24 after it was able to set a 24 hour high price of $34,867.10.

Meanwhile, BTC’s 24 hour trading volume decreased by over 29% since yesterday. As a result, the cryptocurrency king’s intraday volume dropped to about $33.11 billion. However, BTC’s successes from the past few days were still evident in its weekly performance, which was up by 19.38%.

Daily chart for BTC/USDT (Source: TradingView)

BTC was able to overcome several key resistance levels over the past couple of days. Since breaking above the $30,300 barrier on Monday, the market leader’s price has surpassed the $32K and the $32.2K thresholds as well.

Yesterday, traders were also able to boost BTC above the $34,755 resistance level. However, sellers were quick to exert pressure on the cryptocurrency’s price, forcing it back below this price point.

BTC opened today’s trading session at $33,922.73, but has since retraced to trade at its current price. Meanwhile, the recent surge in BTC’s value was enough to propel the cryptocurrency into oversold territory, as indicated by the RSI indicator on BTC’s daily chart.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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