- Bitcoin has taken a turn from its bullish movements as the price dropped in the past day.
- The cryptocurrency’s daily trading volume surged by 47.30% as per CMC data.
The overall crypto market has encountered a mild speed bump as the market cap has turned toward a bearish end. Meanwhile, the crypto regulatory landscape has shown some activity with Coinbase filing a FOIA request on US regulators. On the other hand, Bitcoin has incurred a modest price dip.
Other cryptocurrencies such as Ethereum and Solana, despite the overall dip in market cap, have managed to sustain modest hikes. However, Bitcoin has factored in a 2.15% price drop in the last 24 hours and slid to the $66K level. At the beginning of the day, the cryptocurrency traded at $68,387 before bearish candles took over.
Following this, Bitcoin slid to an intraday low of $66,581 before reverting to current levels. BTC’s modest dip has instigated a mild unease amid investors as they have been rooting for the long-awaited bull run. At the time of writing, BTC was trading at $66,839 as per CMC data.
Secondly, less than 2 days ago, the cryptocurrency had risen to an 84-day high of $69,519. However, Bitcoin failed to test the $69K level and slid down to the $68K support. Following this occurred a further price dip to the $66K range. The cryptocurrency’s daily trading volume has surged by 47.30% despite the price dip.
Will Bitcoin Resume its Price Rally?
On inferring Bitcoin’s daily price chart, the recent price dip has not altered the ascending channel pattern. This shows that the cryptocurrency indicates a potential to resume its recent bull run and that the price dip is momentary. If BTC manages to overcome the current bearish attempt, then prices will continue their rally in accordance with market analysts’ predictions.
Moreover, the token’s bull power indicator’s value stands at 0.46 while its bear power indicator’s value stands at 1.54. Although the bear trend shows a modest strength it still remains below the 2.00 point mark thus highlighting the potential to overcome the recent dip.
Furthermore, the token’s RSI stands at 59.00 indicating a neutral market sentiment as per TradingView data. Meanwhile, the spot Bitcoin ETFs have sustained the inflow streak with an additional influx of $294.29 million in daily net flows.
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