The price of Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, has been experiencing a period of decline over the past week. It has fallen by almost 10% from as high as $29,000 to its current level of just above $26,000, causing much pessimism in the cryptocurrency market.
The recent price drop has come as a surprise to many investors, as Bitcoin had been on an upward trajectory in the previous weeks.
Bitcoin is currently ‘showing signs of weakness,’ while altcoins are bouncing back from a significant retrace. Altcoins’ performance in their Bitcoin pairs is seen as a signal that investors are looking for alternatives to the top cryptocurrency, according to the analysis of the well-known crypto trading expert Michael van de Poppe on May 12.
Van de Poppe believes that Bitcoin needs to reclaim the $26,500-$26,800 price range before hitting longs. Otherwise, the flagship digital currency may fall to $25,000.
Bitcoin price analysis
Bitcoin is currently trading at $26,379, which represents a 3.80% drop over the past 24 hours; it has lost 9.38% in the past week, indicating a downward trend in its value; this is in line with the weakness that trading analyst Michael van de Poppe noted earlier.
Moreover, the market capitalization of Bitcoin is currently at $511.3 billion, a decrease from its previous value.
Bitcoin’s technical analysis on TradingView’s 1-day gauges is not bullish. Namely, the TA summary for the cryptocurrency indicates a ‘Sell’ sentiment at 12.
The negative sentiment mainly comes from moving averages (MA) pointing at ‘Sell’ at 10. Oscillators are also bearish, with the indicator showing a ‘Sell’ rating at 2.
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