Cryptocurrency enthusiasts have reason to be concerned as the newest market data suggests that the value of Bitcoin, the world's largest cryptocurrency by market capitalization, has declined by nearly 10% over the last seven days. While the digital asset has been on an uptrend for several weeks before now, the recent decline has proven to be a surprise.

Michael van de Poppe, a well-known crypto trading expert, has shared his view on this decline, noting that “Bitcoin is currently showing signs of weakness”, and that “altcoins are bouncing back from a significant retrace”. He believes for Bitcoin to reclaim its previous high of $26,500-$26,800, it needs to do so soon or it may decline further to $25,000.

Market capitalization of Bitcoin stands at $511.3 billion, a decrease from its earlier value, while its most recent value stands at $26,379, representing a 3.80% decline in 24 hours and 9.38% decline in the week. TradingView's 1-day TA summary further confirms the bearish sentiment with a ‘Sell’ rate at 12. This is mainly driven by moving averages (MA) which also point at ‘Sell’ at 10, and oscillators that indicate ‘Sell’ at 2.

The fall of Bitcoin could be a cause of concern for cryptocurrencies around the globe. With the current state of the market, investors should be certain to assess the risks of their investments, as the value of digital assets could easily fluctuate due to market instability.



Other News from Today