Bitcoin price has seen a significant drop after a short-term rise, continuing its bearish trend.
Current Market Situation
After teasing potential growth, Bitcoin price has dropped around 3% in the last 24 hours, trading at about $83,875. The flagship cryptocurrency faced resistance at a falling logarithmic trend in the daily timeframe, indicating further bearish sentiment in the near term.
Future Outlook
In the near term, Bitcoin price will likely drop another 10 percent to retest the support level around $78k. If the Bitcoin buyers fail to defend the $78k support level, further selloff towards $74k will be imminent. However, the short-term bearish sentiment will be invalidated if Bitcoin price consistently closes above the daily logarithmic falling trend line.
Role of Major Investors
Despite the short-term bearish outlook, whale investors have been accumulating more Bitcoins in recent days. According to on-chain data analysis, the accumulation highlights confidence in the long-term growth of the cryptocurrency market. As reported by Coinpedia, BlackRock’s IBIT led the spot BTC ETF issuers with increased cash inflows.
Despite current bearish trends in Bitcoin price, major investors' activities indicate confidence in the long-term growth of the market.
