The biggest cryptocurrency by market capitalization, Bitcoin (BTC), has seen its value drop over the previous week.
There is widespread pessimism in the cryptocurrency industry as its price has dropped from about $29,000 to just around $26,000. Many investors were caught off guard by the recent price decrease, given Bitcoin’s rising trend in recent weeks.
At the moment, Bitcoin is showing indications of weakness,’ while other cryptocurrencies are recovering from a deep downturn. According to the report published on May 12 by renowned crypto trading expert Michael van de Poppe, the strength of altcoins relative to Bitcoin pairings indicates that investors are seeking alternatives to the leading cryptocurrency.
Before going long, Van de Poppe thinks Bitcoin has to retake the $26,500-$26,800 price area. Otherwise, the value of the most prominent cryptocurrency might drop below $25,000.
The current price of Bitcoin (BTC) is $26,379, down 3.80% in the last 24 hours and down 9.38% in the last week, both of which are consistent with the weakness that trade expert Michael van de Poppe has highlighted.
Additionally, Bitcoin’s market worth has decreased to $511.3 billion at now from its former value. Using TradingView’s 1-day indicators, Bitcoin’s technical analysis is bearish. In particular, the cryptocurrency’s TA summary shows a ‘Sell’ sentiment of 12 points.
The majority of the market’s pessimism stems from moving averages (MA) indicating a ‘Sell’ near the 10 levels. The oscillators are indicating a ‘Sell’ signal at 2, which is also a bearish reading.