Bitcoin has entered its 6th consolidation range of this market cycle, following a pattern of sideways price action, fakeouts, and eventual breakouts. The total market cap has dropped by 9% in the last three days, causing concern, and Bitcoin has fallen below $94,000. The 50 and 100 EMA lines on the 4-hour chart indicate a bearish trend, although the RSI signals oversold conditions. Traders are preparing for further losses or a potential rebound. Institutional investors have withdrawn significant funds from Bitcoin ETFs, weakening market confidence, but Bitcoin whales have withdrawn a large amount of Bitcoin from exchanges, signaling long-term faith in its value. The market is waiting for a decisive move, which could be a pullback or a breakout in the coming days.



Other News from Today