The leading cryptocurrency, Bitcoin (BTC), has shown weakness in spot exchange rates, falling by approximately 10% in the past trading week.Experts say that as some counterfeit coins outperform traditional tokens, Bitcoin's weakness may continue
The leading cryptocurrency, Bitcoin (BTC), has shown weakness in spot exchange rates, falling by approximately 10% in the past trading week.
Experts say that as some counterfeit coins outperform traditional tokens, Bitcoin's weakness may continue.
BTC price drops?
At present, with the struggle and rising momentum of Bitcoin fading, the cryptocurrency market is on the edge.
Bitcoin has recently fallen from its high of $31000 set in April 2023; The current level slightly above $26000 has attracted people's attention, especially among holders.
The unexpected economic downturn prompted experts to speculate on what caused prices to fall.
BTC has shown weakness in spot exchange rates, although counterfeit currencies have become even stronger after a significant decline last year.
This recovery may indicate that traders are exploring alternatives beyond BTC.
Poppe also emphasized that Bitcoin needs to recover the resistance zone of $26500 to $26800 in order to restore its upward trend.
Failure may result in further withdrawals to $25000.
According to the tracker, the current trading price of BTC is $26379, which has dropped by 3.80% in the past 24 hours.
Due to pressure from sellers, BTC has fallen by 9.2% in the past trading week.
The sharp drop in Bitcoin prices is consistent with Poppe's earlier observations and expectations of a cooling off starting from the high point in April.
The Bitcoin Bull Market Ends?
If Bitcoin continues to decline, the next key support level to focus on is around $22000.
The market value of Bitcoin is currently $511.7b, but it is shrinking.
The technical indicators on the daily chart also indicate caution.
For example, the technical indicator Simple Moving Average (MA) is currently showing a positive slope and swinging downwards.
This means that many traders and investors are feeling the pressure of selling, thereby fueling short positions.
At the same time, the oscillation indicator seems to be overbought and has fallen from this bullish region. As their readings decrease, BTC prices may also fall, reaching the immediate support line.
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