Bitcoin Falls Below $37,000; Blur, Gas Among Top Losers

Bitcoin (CRYPTO: BTC) moved lower, with the cryptocurrency prices falling below the key $37,000 level on Monday. Ethereum (CRYPTO: ETH) also recorded losses, but remained above the key $2,000 mark this morning.

Timeline of Blur-token, Bitcoin

In the past few hours, Bitcoin has experienced extreme volatility after declining from its $38K peak. This seesaw movement is the result of a battle between buyers and sellers, with the BTC price initially dropping to a low of around $36.5K before facing a surge in buying interest that brought a recovery.

Although the majority of assets in the cryptocurrency sector got off to a slow start this week, Bitcoin (BTC) could be looking at a massive advance toward and beyond the threshold of $47,000 soon, provided it manages to break the key resistance that currently stands in its way.

BLUR, a cryptocurrency backed by Paradigm, recently gained significant traction within the cryptocurrency universe as the token witnessed massive whale activity as of today, November 27. As per market data, whales transferred over 7 million BLUR to centralized exchanges like Binance and OKX.

Crypto analyst and trader Ali Martinez, known on crypto Twitter by the name @ali_charts, has shared his thoughts on what is stopping the world's flagship cryptocurrency, Bitcoin, from breaking out close to the $50,000 level.

BLUR founder addressed concerns over the seemingly attractive yield for Blast adding that they are not unsustainable but just fundamental components of both on-chain and off-chain economies.

With a bearish Sunday, the week starts with a red candle for Bitcoin as the BTC price struggles to absorb the overhead supply wave. Taking another rejection from the $38K barrier, the sellers remain strong to plunge Bitcoin for a 0.92% drop on a Sunday.

In a recent thought-provoking discussion with Thinking Crypto's Tony Edward, Mark Yusko, the esteemed Founder, CEO, and CIO of Morgan Creek Capital Management, delved into the intricate dynamics of Bitcoin and the burgeoning impact of institutional adoption on the cryptocurrency market. Central to Yusko's analysis is the Bitcoin halving cycle.

Bitcoin has recently demonstrated remarkable resilience, achieving a significant surge of 1.5%, propelling its value to the $38,000 mark. This upturn has infused investors and enthusiasts with renewed confidence. The current trend aligns with several bullish on-chain metrics, suggesting a potential push towards the $40,000 threshold.

The crypto prices today were in the negative territory, mainly due to the absence of any positive catalyst fuelling further gains in the market. Meanwhile, the market has witnessed a notable surge over the past few weeks, suggesting a bullish sentiment among investors.

Bitcoin seems to be currently under pressure as the BTC price is trading 1.17% down at $37,300 levels with a market cap of $729 billion. As the BTC price drops under $37,500 levels, more Bitcoin liquidations are likely to take place with a significant rise in the Open Interest (OI).