Bitcoin has shifted away from its recent bullish trend, experiencing a price decline over the past day. According to CoinMarketCap (CMC) data, the cryptocurrency’s daily trading volume spiked by 47.30%. The overall crypto market has faced a slight setback, with market capitalization turning bearish. Meanwhile, the regulatory landscape has seen some movement, with Coinbase filing a FOIA request concerning U.S. regulators. Despite this, Bitcoin has experienced a modest decline.
While other cryptocurrencies like Ethereum and Solana have managed to maintain slight gains despite the market dip, Bitcoin registered a 2.15% drop in the last 24 hours, falling to around $66,000. Earlier in the day, BTC was trading at $68,387 before bearish trends pushed it lower. It hit an intraday low of $66,581 before stabilizing at its current level of $66,839, based on CMC data.
Just two days ago, Bitcoin had surged to an 84-day high of $69,519 but struggled to sustain the $69K level, dropping to the $68K support before declining further to the $66K range. Despite the price drop, trading volume for Bitcoin increased by 47.30%.
Will Bitcoin Resume Its Bull Run?
Analysis of Bitcoin’s daily price chart indicates that the recent dip hasn’t disrupted the ascending channel pattern, suggesting that the cryptocurrency may resume its upward trend. If BTC can overcome the current bearish pressure, analysts believe it could continue its rally.
From a technical perspective, the bull power indicator is at 0.46, while the bear power indicator stands at 1.54. Although there is some bearish strength, it remains below the critical 2.00 mark, signaling the possibility of reversing the dip. Additionally, Bitcoin’s Relative Strength Index (RSI) is at 59.00, reflecting neutral market sentiment according to TradingView.
Meanwhile, spot Bitcoin ETFs have continued to see positive net flows, with an additional $294.29 million in daily inflows, reinforcing investor interest despite the recent price fluctuations.
