Bitcoin’s price has seen a significant drop of over 7% in the last seven days, with selling pressure being high. The leading cryptocurrency struggled as its price fell below $63k, possibly due to a decline in ETF interest among top players. However, there are indications that the trend may soon change, offering a potential reversal for Bitcoin.
CoinMarketCap data shows that BTC’s price decreased by more than 7% in the last 24 hours, with a 4% drop occurring within the last day alone. As of now, Bitcoin is trading at $61,360.70 with a market capitalization exceeding $1.2 trillion. One contributing factor to this decline could be the decrease in BTC ETFs, as seen through outflows from funds like Fidelity Wise Origin Bitcoin Fund and Grayscale Bitcoin Trust.
Despite the recent price drop, there is potential for a trend reversal for BTC. Glassnode data indicates that Bitcoin’s price fell below its market bottom for the first time in 2024 according to the Pi Cycle Top indicator, suggesting bullish momentum ahead. This development could lead to a potential price target of $91k in the near future.
AMBCrypto’s analysis of CryptoQuant’s data revealed that selling pressure on BTC remains high, with a focus on net deposits on exchanges and selling sentiment among U.S. investors. Additionally, the MACD technical indicator displays a bearish advantage, while the RSI is close to entering the oversold zone, potentially leading to increased buying pressure and a halt to bearish price action.
In conclusion, while Bitcoin has experienced a recent price drop and high selling pressure, there are signs pointing to a potential trend reversal in the near future. The decline in ETF interest and bearish technical indicators may be countered by indicators suggesting bullish momentum ahead. As the market continues to fluctuate, it will be interesting to see how Bitcoin’s price evolves in the coming weeks.
