Bitcoin has been facing downward pressure recently, with signs of a potential rebound on the horizon. Despite a significant drop in value to $67,417, marking a 2.83% decline from its recent peak, trading volume has increased by 2.87%. Over the past week, Bitcoin has seen a slight decrease of 1.87%, but over the month, it has shown a promising increase of 10%.
The global crypto market has also experienced a slight downturn, with a 3.04% decrease in market cap to $2.45 trillion. However, the total market volume has surged by 61.59% in the last 24 hours, reaching $86.82 billion. Bitcoin’s dominance currently stands at 54.17%, showing a slight increase of 0.09% for the day.
Despite efforts to surpass the $70,000 mark, Bitcoin faced strong resistance and saw a rapid drop of over $2,000 in just one hour. This downward trend also affected altcoins, with Ethereum dropping 4.3% to $3,512.
Amidst this volatile market, there are some positive signals from technical indicators. The TD Sequential signals a buy opportunity on Bitcoin’s hourly chart, suggesting a potential rebound in the near future.
Market analysts are closely watching Bitcoin’s movements, with 10X Research revealing a significant withdrawal of nearly 100,000 Bitcoins from exchanges in the past month, totaling approximately $6.75 billion. This massive outflow indicates a growing bullish sentiment among investors, showing a preference to hold onto assets rather than sell them.
Looking at Bitcoin’s daily chart, the digital asset is currently in a bearish trend, with the 9-day Exponential Moving Average at $68,993 and the daily Relative Strength Index (RSI) at 55, suggesting a neutral stance.
In the coming days, Bitcoin’s fate hangs in the balance. If bullish momentum continues, the next milestones to watch are $70,758 and $71,967. On the other hand, a resurgence of bearish sentiment could lead to a drop to $65,196, with possible support at $63,423.