Bitcoin (BTC) has been struggling to break above the $70,000 mark for several days now. Despite reaching $69,900 due to recent inflation data before the FED’s interest rate decision, BTC failed to surpass the $70,000 threshold. The cryptocurrency market experienced a significant downturn following the FED’s interest rate decision, leading some major investors to pull out of their positions. This exodus could have a substantial impact on the investment choices of smaller investors.
Bitcoin Sales on the Rise
The inability of BTC to surpass $70,000 since June 10 has caused anxiety among cryptocurrency investors. After dropping to $65,000 post the FED’s interest rate decision, BTC saw a recovery. For the latest financial and business news, visit COINTURK FINANCE.
Currently, BTC is trading at $66,100 with a 0.5% increase in the last 24 hours. Although BTC’s market cap remains above $1.3 trillion, its trading volume has decreased by 48% to $14 billion. Coinglass data indicates that whales are abandoning their long positions, leading to a noticeable decrease in BTC’s long/short ratio.
BTC’s RSI value, currently at 42.19, indicates that sellers still have the upper hand over buyers.
Will BTC Price Increase?
Given the current data, uncertainties persist in the BTC market. Santiment data may play a crucial role in this regard.
According to Santiment, buying pressure on BTC is rising, suggesting a potential market upturn. Additionally, the decreasing supply on cryptocurrency exchanges, with funds moving out of exchanges, supports this notion.
Glassnode data also reveals a drop in BTC’s NVT ratio, historically associated with a price surge in the market.
While BTC’s price is near the lower boundary of the Bollinger Bands, signaling a bullish trend, the MACD indicator points to a possible further price decline.
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Disclaimer: The information provided in this article does not constitute investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and conduct their own research.
