Fundamental Development:- Cryptocurrency lending firm Celsius Network will pause withdrawals and transfers between accounts due to "extreme market conditions", the company said on Monday, in the latest sign of pressure in the crypto industry.Bitcoin extended earlier declines after Celsius's announcement, falling more than 6% to as low as $24,888, an 18-month low. Ether, the world's second-largest cryptocurrency, dropped more than 8% to $1,303, its lowest since March 2021."We are taking this necessary action . in order to stabilize liquidity and operations while we take steps to preserve and protect assets. ."Furthermore, customers will continue to accrue rewards during the pause in line with our commitment to our customers."Celsius Network, which raised $750 million in funding late last year, is a significant player in crypto lending. It offers interest-bearing products to customers who deposit their cryptocurrencies with the company.
Short Term Technical View: On daily time frame BTC is trading below 200&50 simple moving averages and trading between $25,200-$25,900 ranges. MACD indicator also indicating negative biased for BTCUSD. BTC is made low 24,900 and now consolidating within a range. Yesterday it made high near $28,500 and then it continue to declined. Bitcoin is struggling to gain momentum above $28,300 .
Alternative Scenario: If Bitcoin fails to clear the $26700 resistance zone, it could start another decline. An immediate support on the downside is near the $25,000 level.