Bitcoin Runs Into $50K Resistance as Sellers Step In on Binance, Coinbase

By Sunil Gavhane

Published on:

Bitcoin Runs

On Monday, Bitcoin almost reached $50,000 for the first time in over two years, but it stopped going up because people started selling it on trading platforms.

  • On Monday, Bitcoin almost reached $50,000 but didn’t go above it, as shown by CoinDesk’s information.
  • People are selling their investments for profit on Binance and Coinbase.

On Monday, Bitcoin’s price kept going up, trying to reach over $50,000 for the first time in over two years. However, the selling of cryptocurrencies on exchanges stopped the price from going higher.

Bitcoin ETFs traded a lot in the U.S. when the market opened because the price of bitcoin quickly went up close to $50,000 from $48,000. The top 20 cryptocurrencies index went up by 1.72% in one day.

The BlackRock (IBIT) and Fidelity (FBTC) exchange-traded funds, which are the biggest new ones, had their highest first-hour trading volume since January 22. Their share prices went up by about 5%, according to TradingView data. This might mean that after the weekend, investors started buying to put new money into the market.

But, more people wanted to sell than buy on the Binance and Coinbase cryptocurrency exchanges, which stopped prices from going up for a while.

Skew mentioned in a post that Binance recorded a sale of 800 Bitcoin for $40 million at a price of $50,000 each. At the same time, Coinbase had a sale of 330 Bitcoin. This indicates that many people were selling their Bitcoin to take profits at that price.

Disclaimer: The information on this website isn’t meant to be taken as advice for investing money. Investing involves uncertainty, and there’s a chance you could lose your money when you invest.

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