BTC’s Momentum Slows Following DTCC Delisting Announcement

• The price of BTC started cooling down after it only managed to climb 0.46% in the past 24 hours.
• Traders most likely took note of the fact that the iShares Spot Bitcoin Trust has been removed from the DTCC’s list.
• At press time, BTC was trading at $34,181.24 after it was able to set a 24 hour high price of $34,867.10.

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.

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%.

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.