Cryptocurrency has been making headlines in recent years, with Bitcoin (BTC) at the forefront. Bitcoin's trajectory over the last week saw it take its first loss in five consecutive weeks, leading to speculation as to its potential short-term volatility. On-chain analytics solution Glassnode's co-founders Jan Happel and Yann Allemann agree that the “bulls remain in control”, however their view is that there was a weakened momentum due to low trading volume.

At this time, Bitcoin’s current price is around $27,285 and if slumps continue, the next support zones are expected to be $25,500-$26,000. Trading signal analysis site Fear and Greed Index shows a position at 52 - neutral on the trading scale and away from any more extreme ends.

The Glassnode co-founders described an optimistic market with unrealized profits exceeding losses, suggesting that the market may be ready for an upswing. Technical analyst Michaël van de Poppe believes that Bitcoin is likely to experience a “classic Monday drop” before becoming bearish again. The price point of $27,800 is likely to be the key indicator, with a break above it pointing to further acceleration to the upside, and limit chasing by buyers should it move lower.

Analysts such as Ali Martinez have suggested assessing current market sentiment by focusing on your own feelings towards cryptocurrency. Overall risk of a potential market sell-off doesn't seem to panic investors, and many anticipate a healthy correction. Further bullish events this week, such as the release of the US Gross Domestic Product and Core PCE, could be the final push required for the market's recovery.



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