- Bitcoin price has shown a modest price drop of 0.40% in the last 24 hours.
- The cryptocurrency’s daily trading volume shows a 32.80% drop as per CMC data.
The global crypto market has been on rocky terms over the past few days. As another weekend approaches, community members are expecting further price consolidations. However, looking into what has occurred particularly in the last 24 hours, trading conditions don’t look very bright.
Notably, Bitcoin, after its recent visit to the $93K level, managed to crawl back to the current $97K range. The last day saw BTC testing $98,000 briefly, after which it proceeded downward. Two months ago, these price levels were seen as new highs; however, after Bitcoin’s all-time high of $109,114.88, they have been labeled with bearish tags.
Moreover, market analyst Ali observed that Bitcoin and Ethereum are facing continuous capital outflows. They are in turn being directed toward stablecoins as per the report. Additionally, the altcoin sector has also not shown any signs of a bullish market in the coming weeks.
Capital continues to flow out of #Bitcoin and #Ethereum into stablecoins. No signs of altseason yet! pic.twitter.com/k7cDphNn7i
— Ali (@ali_charts) February 6, 2025
These conditions indicate a bleak trading season unless prices are propelled by strong external factors. In the past day, Bitcoin hit an intra-day low of $96,306. At the time of writing, BTC was trading at $97,796 with a 0.40% price drop as per CMC data. Zooming out, on to its weekly performance, the cryptocurrency records a 6.91% downward movement.
Will Bitcoin Recover Anytime Soon?
Bitcoin’s technical indicators further confirm its bearish dominance. Its Moving Average Convergence Divergence signal line stands below the MACD line. This suggests that a negative sentiment is approaching the cryptocurrency’s trading season.
Additionally, the aforementioned capital flow is further confirmed by Bitcoin’s RSI value – 44.84, as per TradingView data. In order for Bitcoin to break free from the bearish hold, strong propellants are required in the coming days. Crypto Czar, David Sacks’s positive Bitcoin comment did not cause significant surges in Bitcoin.
Meanwhile, other altcoins such as XRP and Chainlink have shown minor price drops in the past day as per CMC data.
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