Recently, Bitcoin prices have fallen for the second consecutive day, reaching their lowest level in six weeks, which may indicate a bearish trend in the short term. Tokens are losing some of their rebound gains in 2023, and market sentiment seems to be more cautious and fearful
Recently, Bitcoin prices have fallen for the second consecutive day, reaching their lowest level in six weeks, which may indicate a bearish trend in the short term. Tokens are losing some of their rebound gains in 2023, and market sentiment seems to be more cautious and fearful. Will Bitcoin break through $30000 or fall below $25000 due to mixed signals and indicators?
BTC Market Analysis
At present, the price of Bitcoin is $27626, a decrease of 2.21% in 24 hours and 1.77% in 7 days. The continued decline in foreign exchange reserves indicates a decrease in selling pressure. More investors are selling at a loss, which may indicate that the market bottoms out in the middle of a bear market.
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According to CryptoQuant, 51.03% of long positions have been liquidated in the past 24 hours. The Relative Strength Index (RSI) shows oversold conditions, with 75.00% of the price trend in the past two weeks showing a downward trend, which may lead to a reversal of the trend.
The regulatory uncertainty coupled with technological issues in the network, such as decreased liquidity, has led to a decrease in demand for Bitcoin, resulting in its recent price decline. It remains to be seen whether the market will recover in the short term or whether the downward trend will continue.
BTC Trends to Know
Coinbase's US investors have relatively strong purchasing pressure, which may lead to price increases.
Analyst CryptoTony talked about the decline in oil prices on Twitter and pointed out the rise in oil prices in the third quarter:
I really hope that the declines we see can ultimately hold onto the main support zone, leading to an absolute monster pump in June/July.
At least, the correlation between Bitcoin and the stock market has weakened, which may indicate that macroeconomic factors have a smaller impact on the digital asset market.
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