• According to CoinDesk Indices, Bitcoin reached $50,000 on Monday but did not break through this level.
  • Profit-taking is evident by the sale orders on Binance and Coinbase.

BTC Price Index and Live Chart – CoinDesk”>(BTC) extended its rally Monday, attempting to break through the $50,000 price level for the first time in more than two years, but selling pressure on crypto exchanges capped prices.

The spot bitcoin exchange-traded fund (ETF), which is a type of ETF, saw a large volume of trading at the U.S. open. This was due to the rapid increase in bitcoin’s price from $48,000 to just below $50,000. The CD20 Index, which measures the performance of the 20 largest cryptocurrencies over a 24-hour period, has increased by 1.72%.

TradingView data indicates that the ETFs from BlackRock (IBIT), Fidelity, and other new entrants have recorded their highest opening-hour volume since January 22, with the share prices increasing about 5%. This could be a sign of buyers coming into the market to invest fresh funds after the weekend.

Spot sell orders on Binance and Coinbase crypto exchanges, however, overwhelmed the buying pressure and temporarily halted the uptrend.

Skew, in an X-post, noted that the Binance order data showed a sell order of 800 BTC at $50,000. Coinbase, however, registered a sell order of 330 BTC, indicating heavy profit taking at this level.

At the time of publication, Bitcoin traded at about $49,700, an increase of 3.4% in just 24 hours.

Sheldon Reback is the editor.