Bitcoin’s (BTC) price is trading at $47,188 continuing the consolidation phase under $50K price. The top cryptocurrency breached $50K last week to post a new 3-month high of $50,400, but couldn’t solidify its position above the key resistance. It has traded in the $45K-$50K range since then, having formed key on-chain support in the region.
Bitcoin price is currently trying to regain its position above $40,000 having spent the past two weeks in the $35k – $40k price range, after experiencing a near 23% drop last Monday. The Bitcoin whales are currently dominating the price behavior of the top cryptocurrency as most of them are currently on a selling spree