Bitcoin (BTC) has been struggling to break above the $70,000 mark for several days now. Despite reaching a high of $69,900 following recent inflation data before the FED’s interest rate decision, the cryptocurrency failed to surpass the $70,000 threshold. The market took a hit after the FED’s interest rate announcement, leading to some major investors in the cryptocurrency market deciding to pull out their investments. This move could have a significant impact on the investment choices of smaller investors.
Bitcoin Sales on the Rise
The inability of BTC to climb above $70,000 since June 10 has caused concern among cryptocurrency enthusiasts. Following the correction post-FED interest rate decision, the price dropped to $65,000 before seeing a slight recovery. Stay updated with the latest financial and business news on COINTURK FINANCE.
Currently, BTC is trading at $66,100 with a 0.5% increase in the last 24 hours. While the market cap of BTC remains above $1.3 trillion, the trading volume has fallen to $14 billion, marking a 48% decrease.
Furthermore, data from Coinglass indicates a decrease in whales’ long positions, resulting in a noticeable drop in BTC’s long/short ratio. The RSI value of BTC sits at 42.19, below the neutral 50, suggesting that sellers are still dominating the market over buyers.
Will BTC Price See a Surge?
Considering the uncertainties surrounding BTC based on the current data, Santiment data could play a crucial role in shaping the market. According to Santiment, there is an increase in buying pressure on BTC, leading some to believe that this could signal a market upturn. Additionally, the decreasing supply on cryptocurrency exchanges, with more funds flowing out, supports this notion.
Glassnode data also reveals a decline in BTC’s NVT ratio, historically associated with a price increase. On the other hand, BTC’s price is nearing the lower boundary of the Bollinger Bands, often viewed as a positive sign by analysts and investors, though not a definitive one.
In contrast, the MACD indicator has shown negative data, suggesting a possible further decline in price. Stay informed with our news on Telegram, Facebook, Twitter & Coinmarketcap.
Disclaimer: The information presented in this article is not intended as investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and conduct their own research before making any decisions.
