Bitcoin Runs Into $50K Resistance as Sellers Step In on Binance, Coinbase
Bitcoin's price attempted to surpass the $50,000 mark for the first time in over two years, but selling pressure on crypto exchanges limited the increase. Spot bitcoin exchange-traded funds (ETFs) experienced high trading volumes as the bitcoin price neared $50,000. The CD20 Index of the largest cryptocurrencies rose by 1.72% in 24 hours. BlackRock's (IBIT) and Fidelity's (FBTC) ETFs recorded their highest opening-hour trading volume since January 22, with share prices increasing by about 5%. However, large sell orders on Binance and Coinbase halted the price rise. Binance had an 800 BTC ($40 million) sell order at $50,000, while Coinbase had a 330 BTC sell order, indicating significant profit-taking at that level. Bitcoin was trading at around $49,700 at the time of reporting, up 3.4% over the past 24 hours.
