"The price of BTC must be tired because it continues to rise."
After surpassing $35,000 on Wednesday yesterday, the price of cryptocurrency king Bitcoin (BTC) appears to have fallen back below $34,600 as miners sold their holdings.
According to Charles Edwards, founder of Bitcoin Capriole Investments, $35,000 is a resistance zone for BTC, so the price is likely to make a short-term flat move before going higher.
The price of BTC is expected to reach $40,000 to $45,000 in the next few weeks, Edwards commented, adding that BTC miners have sold more of their hoards than usual today.
Please note that there are a number of reasons that have pushed the price of BTC to reach a 17-month high, among which is the spot BTC ETF that is rumored to be approved soon.
There is no denying that the price of BTC has dropped a bit immediately after soaring high, but the performance of the digital asset is still positive compared to the shares of the United States (US) where the Nasdaq fell almost 2.4% while the S&P 500 fell 1.4%.
The stock's fall follows a sharp 13 basis point rise in the 10-year Treasury yield at 4.95% plus investors view third quarter earnings as very weak.
As of this writing, BTC price has jumped by 1.89% to $34,677 in the last 24 hours with a market cap of $677 billion and a 22.08% rise over the last week.
