Bitcoin’s Price Succumbs to Bearish Pressures
– Bitcoin’s price has been affected by subdued market activity and a complex macroeconomic landscape.
– The cryptocurrency has dropped below the psychological support level of $26,000, a significant setback.
– On-chain transaction volume for Bitcoin has reached a 3-year low, indicating negative sentiment.
– The decrease in network activity represents a drop of over 90% since its peak in mid-2022.
– BTC’s price has remained relatively unchanged over the past week, but has lost over 11% on the monthly chart.
Warning of Potential Further Declines
– Cryptocurrency analyst Ali Martinez suggests that Bitcoin may not have reached its bottom yet.
– The Proof of Work (PoW) Floor Pricing Model indicates a potential downside of over 42% from the current price.
– However, a robust support level at $20,900 could oppose a drop to $14,800.
Conclusion
Bitcoin’s price has been affected by bearish pressures, leading to a drop below the psychological support level. On-chain transaction volume has also reached a 3-year low, indicating negative sentiment. There are warnings of potential further declines, with the possibility of a drop to $14,800. However, there is a strong support level at $20,900 that could oppose this decline. It is important to stay informed and cautious when investing in cryptocurrencies.
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