The recent decline in Bitcoin’s price for the second consecutive day and dropping to its lowest level in over six weeks could indicate a bearish trend in the short term. The token is shedding some of its gains from the 2023 rebound, and the market sentiment seems to be more cautious and fearful. Will Bitcoin cross $30k or go below $25k, as there are mixed signals and indicators?
BTC Market Analysis
The current Bitcoin price is $27,626, with a 24-hour decrease of 2.21% and a 7-day decrease of 1.77%. The exchange reserve continues to fall, indicating lower selling pressure. More investors are selling at a loss, which could indicate a market bottom in the middle of a bear market.
There were liquidations of 51.03% of long positions in the last 24 hours, as per CryptoQuant. The RSI indicates an oversold condition, and 75.00% of price movement in the last 2 weeks has been down, potentially leading to a trend reversal.
The regulatory uncertainty coupled with the technical issues in the network like liquidity drop has led to a decline in demand for Bitcoin, leading to its recent drop in price. It remains to be seen whether the market will recover in the short term or if the downward trend will continue.
BTC Trends To Know
US investors’ buying pressure is relatively strong in Coinbase, which could potentially lead to higher prices.
Crypto Tony, an analyst tweeted about the dips, indicating Q3 pumps:
Really hoping these dips we are seeing on #Bitcoin / #Altcoins end up holding the major support zones, leading up to absolutely monster pumps for June / July
Lest, Bitcoin and the stock market correlation have weakened, which may indicate that macroeconomic factors are less influential in the digital asset market.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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