Bitcoin (BTC) has been struggling to break the $70,000 barrier in recent days. Despite reaching a high of $69,900 due to inflation data prior to the FED’s interest rate decision, the cryptocurrency market took a hit following the decision. This led to some significant investors in the crypto market pulling out, potentially influencing the investment decisions of smaller investors.
Bitcoin Sales Increased
The failure of BTC to surpass $70,000 since June 10 has caused concern among cryptocurrency investors. After dropping to $65,000 post the FED’s interest rate decision, BTC saw a slight recovery. For the latest financial and business news, visit COINTURK FINANCE.
At the time of writing, BTC is trading at $66,100 following a 0.5% increase in the past 24 hours. While BTC’s market cap remains above $1.3 trillion, its trading volume has decreased by 48% to $14 billion.
Additionally, data from Coinglass shows a decrease in whales’ long positions, leading to a noticeable drop in BTC’s long/short ratio.
BTC’s RSI value is currently at 42.19, below the neutral 50, indicating that sellers continue to dominate over buyers.
Will BTC Price Rise?
Given the uncertainties surrounding BTC, data from Santiment could play a crucial role. According to Santiment, buying pressure on BTC is rising, potentially signaling a market uptrend. This is supported by a decrease in supply on cryptocurrency exchanges, with more supply flowing out of exchanges.
Glassnode data also indicates a decrease in BTC’s NVT ratio, historically associated with a price increase in the market.
Despite BTC’s price nearing the lower boundary of the Bollinger Bands, a bullish signal for many analysts and investors, the MACD indicator suggests a further price decline.
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Disclaimer: The information provided in this article is not investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and conduct their own research.