BTC (Bitcoin), the world’s largest cryptocurrency based on market cap, is ready to collide with large -scale prices due to weak price measures. In recent years, BTC seems to be integrated within a solid range. However, if you check closely, it appears to have formed weakness and shoulder patterns for 4 hours.
Current price momentum
The market does not seem to respond to positive news. Earlier, following the bold statement by the Financial Secretary of Finance, Scott Bessent, BTC began to rebound with major assets, but the upward exercise disappeared and all interests disappeared. Currently, BTC is trading near $ 82,500 and has fallen more than 1.10% over the last 24 hours. During the same period, trading volume decreases by 50%, indicating that the participation of traders and investors has been low due to notable market volatility.
Bitcoin (BTC) technology analysis and upcoming level
According to expertise analysis, BTC, which has recently fallen, is heading to the neckline of weak hair and shoulder patterns.
Based on the recent price behavior and historical patterns, this momentum continues and the BTC violates the neckline for $ 81,500, it is likely to decrease 4% to reach $ 78,200 in the near future.
The current assets are traded below 200 index moving average (EMA) in both daily and 4 hours frames, indicating a strong decline and weak momentum.
Traders usually wait for a short price jump of assets. This explains the recent surge in prices and within 24 hours.
BTC leak worth $ 175 million
Despite the weak outlook, investors and long -term holders appear to accumulate assets as reported by the whole chain analysis company COINGLASS.
According to the data of the spot inflow/leakage, the exchange has seen a BTC of about $ 175 million in the last 24 hours. During the weak market sentiment, such a leak suggests potential accumulation.
This can cause purchasing pressure and cause ascending rally, but it usually occurs during bull.