Bitcoin continues to be in the spotlight of the cryptocurrency world. Recent price fluctuations are drawing interest from analysts and traders.
Why Bitcoin Price Dropped Today
In the past 24 hours, the price of Bitcoin (BTC) dropped by 2.2%, trading around $107,477. The decline occurred after an attempt to reach an all-time high. According to on-chain analysis, Satoshi-era whales moved over $8 billion in BTC, which resulted in negative market sentiment.
Midterm Expectations for BTC
On the weekly time frame, BTC continues to test a resistance level around $109,396 since December 2024, forming a bearish divergence. However, the formation of a cup and handle pattern also indicates the potential for a breakout and reaching new all-time highs.
Summary of Price Analysis
The current dynamics of the Bitcoin market are linked to low demand and declining speculative interest. Indicators like the Relative Strength Index (RSI) and MACD confirm the current bearish sentiment. The next possible price drop may fall below $101k.
The situation in the Bitcoin market remains tense, and while there are signs of potential growth, the current state of the cryptocurrency economy requires traders to be cautious.
